Malaysia’s Halal Product Exports Reach RM45.04 Billion from January to September 2024
Kuala Lumpur: From January to September 2024, Malaysia’s halal product exports increased to RM45.04 billion compared to RM39.36 billion in the same period in 2023.
Challenges in Dominating the Halal Market
Deputy Investment, Trade and Industry Minister Liew Chin Tong said Malaysia’s ability to dominate the halal market is still constrained by the low issuance of halal certificates by the Malaysian Islamic Development Department (JAKIM).
Halal Industry Master Plan 2030
“Early analysis carried out under Halal Industry Master Plan 2030 (HIMP 2030) estimated the global halal market to be worth RM5 trillion,” he said when winding up the debate on the Supply (Budget) Bill 2025 at the policy stage for the Ministry of Investment, Trade and Industry (MITI) in the Dewan Rakyat today.
Merge HDC and MATRADE to Boost Halal Exports
Liew was clarifying the issue of the Halal Development Corporation Bhd (HDC) and Malaysia External Trade Development Corporation (MATRADE) merger raised by several members of Parliament from the government bloc.
He said the merger between HDC and MATRADE was justified as part of the effort to increase the export value of halal products and to seek new markets, as MATRADE has a network of ready markets that local halal industry players can capitalise on.
Synergy between HDC and MATRADE
“MITI believes the merger will increase the HDC-MATRADE synergy and optimise ready resources, especially to promote the halal industry to become more effective and competitive.
“At the same time, efforts to develop a local halal champion to penetrate the export market will be focused on serious industry players,” he added.
Facts and Figures
* From January to September 2024, Malaysia’s halal product exports increased to RM45.04 billion compared to RM39.36 billion in the same period in 2023.
* The global halal market is estimated to be worth RM5 trillion according to early analysis carried out under Halal Industry Master Plan 2030 (HIMP 2030).
Conclusion
Malaysia’s halal product exports have shown a significant increase from January to September 2024, reaching RM45.04 billion. However, the country still faces challenges in dominating the halal market due to the low issuance of halal certificates by JAKIM. The merger between HDC and MATRADE is expected to boost halal exports by increasing the synergy between the two organizations and promoting the halal industry to become more effective and competitive.
FAQs
* Q: What is the current market size of the halal industry?
A: The global halal market is estimated to be worth RM5 trillion according to early analysis carried out under Halal Industry Master Plan 2030 (HIMP 2030).
* Q: What is the purpose of the merger between HDC and MATRADE?
A: The merger is to increase the export value of halal products and to seek new markets, as MATRADE has a network of ready markets that local halal industry players can capitalise on.
* Q: What is the expected outcome of the merger between HDC and MATRADE?
A: The merger is expected to increase the HDC-MATRADE synergy and optimise ready resources, especially to promote the halal industry to become more effective and competitive.