A survey issued on Tuesday by the Organization of Islamic Cooperation (OIC), revealed that Türkiye is one of just three OIC members to rank among the top 20 exporters of goods for the halal market, Anadolu Agency reported.
According to the 2022 Annual OIC Halal Economy Report, Indonesia and Malaysia are the other two countries in the 57-nation Muslim bloc that fall into this category.
The 38th conference of the Standing Committee for Economic and Commercial Cooperation (COMCEC), which lasted four days, was preceded by the report’s introduction in Istanbul.
However, according to the analysis, which was prepared by the Islamic Center for Development of Trade (ICDT), the OIC members had a $63 billion trade imbalance for halal goods in 2017.
Food, clothing, medicines, and cosmetics were among the exports, totaling $275 billion, while $338 billion worth of goods were imported, according to the report.
The goal of the study, according to ICDT Director General Latifa el Bouabdellaoui, is to “inspire and empower OIC nations to act cohesively, promote inclusive growth, and boost the OIC’s position in the halal market trade and investments ecosystem with integrity and purpose.”
According to the research, OIC members imported the majority of the food, drugs, and cosmetics while exporting clothes and footwear worth $101.94 billion last year.
According to the survey, Türkiye is one of the top three markets for Islamic higher education, along with Saudi Arabia and Indonesia, and it “is necessary to educate industrial and halal supply chain stakeholders.”
The survey stated that although Islamic finance assets reached $3.32 trillion in 2020, six of the top ten worldwide markets for Muslim consumer expenditure on media and leisure were OIC members.
According to the report, Muslim consumers from the OIC nations spent approximately $141 billion on media and leisure in 2017. This figure is projected to increase to $211 billion by 2026.
Despite the COVID-19 epidemic having a significant influence on travel, $86 billion was spent by Muslim visitors from OIC countries last year, according to the study.
The OIC Halal Economy Trade and Investment Index, which evaluates member nations’ international and intra-OIC economic activities in halal-related industries, also places Türkiye among the top five Muslim countries.
