Analysis of the Influence of Inflation, Rupiah Exchange Rate, and Interest Rate on the Export of Halal Products in Indonesia Year 2018-2022

Abstract

The global market for halal products is now developing at an extremely fast pace. Every year, there is a growing need for halal items. The reality is that Indonesia, the largest Muslim nation, is still under government scrutiny due to its poor exports of halal goods to the global halal market and its significant lag behind non-Muslim nations. This study used a quantitative methodology and multiple linear regression analysis to assess secondary data that was obtained via the Central Bureau of Statistics and Bank Indonesia’s official websites. According to the partial research findings, the Rupiah exchange rate (X2) and the inflation variable (X1) have a favorable impact on Indonesia’s export of halal items (Y) from 2018 to 2022; however, interest rates (X3) have a negative impact. Indonesia’s halal product exports were impacted concurrently in 2018–2022 by the following variables: interest rates (X3), the Rupiah exchange rate (X2), and the inflation variable (X1). In terms of Islamic economics, export is allowed since it is a type of commerce that involves the purchase and sale of products and services. All transactions involving these kinds of transactions must adhere to Islamic law, one of which concerns the halalness of the goods and services being delivered. Keywords: exports of halal products, inflation, Rupiah exchange rates, interest rates