Indonesia–Malaysia Export-Import and Islamic Economic Growth

https://doi.org/10.35912/bukhori.v5i2.5333
Published: Jan 15, 2026

Abstract:

Purpose: This study analyzes the contribution of exports and imports to Gross Domestic Product (GDP) from an Islamic economics perspective, using a comparative study between Indonesia and Malaysia (2019–2024).

Methodology/approach: A quantitative approach using panel data regression analyzes annual secondary data from BPS, DOSM, and the World Bank through OLS, FEM, and REM, with the best model determined by the Hausman test.

Results/findings: The study finds that exports and imports together significantly affect national income in both countries. The Random Effects Model (REM) is the most suitable, with an R² of 0.997. From an Islamic economic perspective, halal and productive exports are commendable as they reflect maslahah and ikhtiar, while productive imports are permissible but consumption-driven imports should be regulated to maintain istiqlal (economic independence).

Conclusions: Simultaneous export and import activities significantly affect both countries’ national income, though individually insignificant. In Islamic economics, productive exports are encouraged, and productive imports are allowed as long as they do not undermine the ummah’s economic independence.

Limitations: The study spans six years and two countries, limiting analytical significance, and excludes key variables such as investment, fiscal policy, and political stability.

Contribution: This study enriches the literature by integrating empirical trade analysis with Islamic principles, providing insights for policymakers to develop value-based trade strategies that foster ethical growth and economic sovereignty.

Keywords:
1. Export
2. Gross Domestic Product (GDP)
3. Import
4. Islamic Economic
5. Panel Data Model (REM, FEM, OLS)
Authors:
1 . Devy Septi Heryani
2 . Nurheti Nurheti
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How to Cite
Heryani, D. S., & Nurheti, N. (2026). Indonesia–Malaysia Export-Import and Islamic Economic Growth. Bukhori: Kajian Ekonomi Dan Keuangan Islam, 5(2), 1–10. https://doi.org/10.35912/bukhori.v5i2.5333
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Issue & Section
Vol. 5 No. 2 (2026): January
Articles
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References

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  3. Azzahra, P. Z., Yuliansyah, Y., & Nauli, P. (2021). Pengaruh akuntabilitas dan budaya organisasi terhadap kinerja organisasi pada rumah sakit swasta kota Bandar Lampung. Jurnal Studi Pemerintahan Dan Akuntabilitas, 1(1), 43-54. doi:https://doi.org/10.35912/jastaka.v1i1.236
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  8. Department of Statistics Malaysia. (2025). National trade statistics. https://www.dosm.gov.my
  9. Devi, S., Arafat, Y., & Maliah, M. (2025). The effect of using e-money and self-control on student financial management. Journal of Digital Business and Marketing, 1(2), 105–115. https://doi.org/10.35912/jdbm.v1i2.3327
  10. Dewanto, K. (2025). Mendag Dampingi Presiden Prabowo Kunker ke Malaysia, Dorong Peningkatan Perdagangan. Kementerian Perdagangan RI. https://www.kemendag.go.id/berita/pojok-media/mendag-dampingi-presiden-prabowo-kunker-ke-malaysia-dorong-peningkatan-perdagangan
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  12. Fitriyani, L. N., Handayani, T., & Sari, L. P. (2022). Analysis of the marketing strategy of savings products at BMT Nasuha during the Covid-19 pandemic. Dirham: Journal of Sharia Finance and Economics (JoSFE), 1(1), 1-13. https://doi.org/10.35912/josfe.v1i1.3329.
  13. Gujarati, D. N., & Porter, D. C. (2023). Basic econometrics (6th ed.). McGraw-Hill.
  14. Hardana, A. (2023). Keikutsertaan Dana Zakat dalam Pengentasan Kemiskinan di Indonesia. Bukhori: Kajian Ekonomi dan Keuangan Islam, 2(1), 65-74. doi:https://doi.org/10.35912/bukhori.v2i1.1895
  15. Janan, R. M., Abdillah, M., Asieh, I. T. Y., & Sadat, F. A. (2025). Penerapan Prinsip Keadilan dalam Perdagangan Modern: Perspektif Ekonomi Islam untuk Etika Bisnis Berkelanjutan. Jurnal Global Ilmiah, 2(4). https://doi.org/10.55324/jgi.v2i4.176.
  16. Krugman, P. R., Obstfeld, M., & Melitz, M. J. (2018). International finance: theory and policy (11th global ed). Harlow: Pearson.
  17. Mausuly, F. R., & Prasetyowati, R. A. (2023). Pengaruh Profitabilitas dan Market Value Ratio terhadap Harga Saham Bank Umum Syariah. Bukhori: Kajian Ekonomi dan Keuangan Islam, 2(1), 49-64. doi:https://doi.org/10.35912/bukhori.v2i1.1868
  18. Maylani, P., & Nita, T. W. (2024). Tinjauan Ekonomi Islam Terhadap Ekspor-Impor Sebagai Pendapatan Negara Indonesia. Jurnal Ekonomi Islam, 2(2), 86–97. https://doi.org/10.56184/jeijournal.v2i2.410
  19. Nairobi, N., Ambya, A., Afif, F. Y., & Pratikno, D. D. (2022). Ownership rights and ASEAN-5 economic growth. Studies in Economy and Public Policy, 1(1), 1–13. Retrieved from https://goodwoodpub.com/index.php/sepp/article/view/1067
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  21. Nurheti, N., Nirmala Dewi, N. D., & Restu Danang Adhardianto, R. D. A. (2023). Metode Evaluasi Proyek Dengan Pendekatan Islami Sebagai Alternatif Tingkat Diskon Tanpa Bunga. Journal of Social and Economics Research, 4(2), 316–324. https://doi.org/10.54783/jser.v4i2.64
  22. Olayinka, A. A., Sule, B., & Kaka, E. J. . (2025). Economic challenges and opportunities in climate change: The case of Africa. Studies in Economy and Public Policy, 1(1), 7–17. Retrieved from https://goodwoodpub.com/index.php/sepp/article/view/3265
  23. Prince, L., & OpenStax. (2025). Aggregate Demand in Keynesian Analysis. Pressbooks. https://nicoletcollege.pressbooks.pub/macroeconomicsupdated2024/chapter/unknown-123
  24. Pradana, E., Sudrajat, Nauli, P., & Yuliansyah, Y. (2021). Pengaruh Political Connection terhadap Cumulative Abnormal Return dan Trading Volume Activity pada Pemilihan Presiden 2019. Jurnal Studi Pemerintahan Dan Akuntabilitas, 1(1), 83-95. doi:https://doi.org/10.35912/jastaka.v1i1.290
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