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OIC countries to address $63bln halal products trade deficit: Report

The 2022 Annual OIC Halal Economy Report identified that the OIC member states recorded a trade deficit of US$63 billion for halal economy products in 2021, covering food, fashion, pharmaceuticals and cosmetics, with exports equaling US$275 billion and imports totaling US$338 billion. Only 18% of these imports were sourced intra-OIC, while only three OIC countries (Türkiye, Indonesia, and Malaysia) made it to the top 20 exporters of halal economy products. The report, commissioned by the Islamic Centre for Development of Trade (ICDT) and produced by DinarStandard, a US-based research and advisory firm, was launched in Istanbul on November 29th, 2022 at an event attended by ministers of OIC member countries, and representatives from OIC organs.

Link: https://www.zawya.com/en/islamic-economy/islamic-business/oic-countries-to-address-63bln-halal-products-trade-deficit-report-if4g2vre

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