JAKARTA. Bank Indonesia (BI) reported that the consumption demands for domestic halal products had reached USD 180 billion in 2020. It is also estimated to grow 14.96% to USD 282 billion by 2025.
The Deputy Governor of BI, Juda Agung, claimed that the halal industry sector had shown its resilience during the pandemic as the national economy recovers. Furthermore, the growth in halal economy and financial contributed to Indonesia’s economic performances in a national scale, Agung added in his speech during the Business Forum Indonesia Halal Markets 2022 this week.
Agung also mentioned the latest Global Islamic Economic Report, which revealed the significant increase in Indonesia’s rank in the development of Islamic economy and financial ecosystem compared to 2018. The market share of halal foods in Indonesia is estimated to reach 14% of the entire global market. In terms of the fashion sector, Indonesia entered the top three countries, entailing United Arab Emirates and Turkey.
The trend of international trading between Indonesia and members of OIC in 2021 also significantly improved. It was reflected through the export to OIC countries that grew 13.7% from the same period in 2020. (AM/ZH)