Report: Indonesia can boost halal economy exports by $3.6 billion

Indonesia can generate an additional $3.6 billion per year in halal exports, according to the 2021-2022 Indonesia Halal Market Report, published by Indonesia Halal Lifestyle Center and Dinar Standard.

Indonesia is the largest global halal economy consumer, spending around $184 billion in 2020, according to Sapta Nirwandar, Chairman of Indonesia Halal Lifestyle Center. The total global halal industry is worth $1.9 trillion, including food, fashion, travel, media, recreation, pharmaceuticals and cosmetics, Nirwandar added, speaking on Thursday during INHALIFE (Indonesia International Halal Lifestyle Conference, Forum and EXPO), part of the 2021 Indonesia Sharia Economic Festival

Indonesia is the ninth-largest exporter to the Organization of Islamic Cooperation (OIC) countries, producing $8.6 billion in halal products annually. But this represents just 3% of global halal product exports to OIC countries, far less than the leading exporter, China, which exported over $25 billion in 2020. Indonesia can capture a much larger proportion of this trade opportunity, Nirwandar argued.