Community size and international trade in OIC-region Online publication date: Wed, 10-Nov-2021
by Muhammad Hanif
International Journal of Trade and Global Markets (IJTGM), Vol. 14, No. 6, 2021
Abstract: This study analyses the international trade in the Organization of Islamic Cooperation (OIC) region, covering exports, imports, and balance of trade (BoT) from 2007 to 2016. The analysis is conducted by various lenses, including whole OIC as a unit, objectively classified economic zones, and economic cooperation unions. Findings suggest that OIC-region's contribution to global GDP and international trade is significantly lesser than the size of the community. Performance in international trade and BoT is good in the initial years of analyses; however, declines in the final years of the review period. Performance of two economic zones (South & Southeast Asia, and Africa) of OIC-region is quite unsatisfactory, based on the size of the communities. Middle Eastern zone performs well, relatively, within the OIC region. Intra-OIC trade is significantly lesser than the potential. OIC-region needs to capitalise on abundant Human and natural resources to achieve higher economic growth and exports.
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