Only 2 Majority Muslim Countries Enter the List of the 10 Largest Halal Product Exporters to the OIC, Does Indonesia Include?

Indonesia Masuk 10 Negara Eksportir Produk Halal Terbesar ke OKI Tahun 2022

"Indonesia Enters Top 10 Largest Halal Exporting Countries to the OIC in 2022"

Dream - Only two countries of the Organization of Islamic Cooperation (OIC), namely Indonesia and Turkey, are among the top 10 exporters to fellow Muslim countries worldwide. These two countries contribute 53.7% of their total export products to the OIC group of countries. This achievement was revealed in the State of the Global Islamic Economy (SGIE) Report 2023, released by DinarStandard as an international research institution focused on the global Islamic economy.

"BRIC Countries Enter Top 10"

Other countries that export their products to Muslim countries are actually dominated by members of BRIC consisting of Brazil, Russia, India, and China. These four countries have significant exports, accounting for 27.6 percent.

"10 Largest Exporting Countries"

List of the 10 largest halal product exporting countries to OIC countries in 2022: 1. China: US$31.81 billion 2. India: US$26.37 billion 3. Brazil: US$20.85 billion 4. United States: US$20.76 billion 5. Turkey: US$16.34 billion 6. Russian Federation: US$15.21 billion 7. France: US$15.02 billion 8. Indonesia: US$13.38 billion 9. Argentina: US$12.49 billion 10. Australia: US$11.13 billion

"On the other hand, the import of halal products from member countries of the OIC experienced a decrease of 2.91% from US$370 billion in 2021 to US$359 billion in 2022."

Only 2 Majority Muslim Countries Enter the List of the 10 Largest Halal Product Exporters to the OIC, Does Indonesia Include?

"Import of Pharmaceuticals Decreases"

"Medicines have become the largest contributor to the decline in imports due to the normalization of vaccine import demand to pre-pandemic levels. "In addition, inflation, commodity price increases, and geopolitical conflicts have also hindered imports from the OIC," according to the SGIE Report."

However, it is projected that halal product imports by OIC countries will experience growth, reaching US$492.4 billion in 2027 with a CAGR of 7.6 percent.

Food and fashion have become categories of halal products that have experienced an increase from 2021 to 2022. A slight increase of 1.77% in food was driven by several categories, including palm oil, cereal, and sugar. Fashion experienced a growth of 11.97%, with ready-to-wear women's clothing leading the main growth in the fashion category.

Meanwhile, pharmaceutical imports experienced a decline of -30.92% in 2022 after a surge of 40.25% in 2021 due to the increasing demand for global vaccine imports. Most OIC countries rely on imports, with a trade deficit of US$47.2 billion for halal products, which mostly come from non-OIC member countries.

"OKI Country with the Largest Imports"

List of the top 10 OIC countries with the largest halal product imports in 2022:
1. United Arab Emirates: US$32.21 billion
2. Saudi Arabia: US$31.69 billion
3. Turkey: US$31.45 billion
4. Indonesia: US$30.29 billion
5. Malaysia: US$28.99 billion
6. Egypt: US$21.05 billion
7. Iraq: US$13.68 billion
8. Bangladesh: US$13.25 billion
9. Algeria: US$12.56 billion
10. Morocco: US$11.89 billion

news update

Peek at How China Revives the Economy Post-Pandemic

In addition to reviving the economy, China also wants to enhance technological development for the future.