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Indonesia ranked second in halal industrial products consumption trends

Tempo - May 28, 2024

Martha Warta Silaban, Jakarta – Deputy Governor of Bank Indonesia (BI) Doni P. Joewono said that Indonesia is still a global market for halal products, with import value greater than export value.

Doni said on Monday at the 2024 Sumatra Regional Sharia Economic Festival (FESyar) that countries like India, the United States, and South Korea are the frontrunners of halal product exports.

He explained that based on data from the State of the Global Islamic Economy (SGIE), Indonesia ranked third in the overall global Sharia economic indicators. "The turnover of halal products reached US$1.4 trillion, and Indonesia ranked second in the halal industrial products consumption trends," said Doni in Batam.

Thus, he emphasized the importance of collaborative efforts for sharia economics development in Indonesia. He also said that dependence on Sharia finance is still limited to Sharia banking, which requires awareness to use Sharia financial services.

He believes that strengthening the ecosystem for halal products in Indonesia is also one of the challenges in improving the Sharia economy.

Previously, BI Riau Islands involved around 112 leading MSMEs in FESyar which is held in Batam, from May 27 to June 2, 2024. Head of BI Riau Islands Suryono said on Monday that 13 BI offices in the Sumatra region assisted the MSMEs.

Source: https://en.tempo.co/read/1873111/indonesia-ranked-second-in-halal-industrial-products-consumption-trend