EXPLORING THE ECONOMIC BENEFITS OF HALAL INDUSTRY IN INTERNATIONAL TRADE Muhammad Cholil, Muhammad Faizul Mamdu, Disca Aprilinda Cipto, Tanza Dona Pertiwi, Sri Herianingrum
Universitas Airlangga
Abstract
In recent years, the halal industry has experienced rapid growth, driven by the increasing global Muslim population, creating significant opportunities within the global halal supply chain. Maximizing the contribution of Indonesia^s halal products to the global market can bolster the national economy. Muslim spending rose from US-1.62 trillion in 2012 to US-2.29 trillion in 2022 and is projected to reach US-3.1 trillion by 2027, with an annual growth rate of 4.8%. Indonesia, with the largest Muslim population, has a significant opportunity to influence the global halal market. Therefore, this study aims to explore strategies for developing Indonesia^s halal industry to play a significant role in international trade. Using a descriptive-qualitative approach through a literature review, this research outlines the development of a national economy based on local wisdom and industry. To enter the global halal market, Indonesia needs to maximize the development of specific sectors. To promote rapid growth and balance in global trade, core halal industries (food, beverages, pharmaceuticals, cosmetics) and emerging industries (fashion, creative economy) can have a significant impact. This study provides a recommended model for developing a competitive global halal market. This research is relevant to halal industry stakeholders, including government agencies, practitioners, and academics, in order to achieve Indonesia^s goal of leading the global halal industry
Keywords: Halal Industry, Halal Products, National Income, International Trade
