India's exports to Australia up 64.4% in Nov: Commerce ministry data

India's exports to Australia surged by 64.4% year-on-year to US$ 643.7 million in November, driven by robust growth in sectors such as textiles, chemicals, and agricultural products, according to data from the commerce ministry. Despite this positive trend, overall merchandise exports from India declined by 5.21% year-on-year to US$ 5.56 billion during the April-November 2024-25. The Economic Cooperation and Trade Agreement (ECTA), implemented on December 29, 2022, has facilitated increased market access for Indian exporters and expanded opportunities for micro, small, and medium enterprises (MSMEs) and farmers. Mr. Piyush Goyal, Commerce and Industry Minister, emphasized the agreement's role in generating employment and boosting exports by 14% in 2023-24.

The ECTA has significantly strengthened trade ties between India and Australia, doubling bilateral merchandise trade from US$ 12.2 billion in 2020-21 to US$ 26 billion in 2022-23. However, total trade decreased to US$ 24 billion in 2023-24. The current fiscal year shows continued momentum, with total bilateral trade reaching US$ 16.3 billion from April to November 2024. The agreement has also led to the exchange of preferential import data between the two countries, showcasing effective implementation. Goyal expressed commitment to achieving the AU$ 100 billion trade target by 2030, highlighting the diversification of exports into new sectors like gold studded with diamonds and turbojets while noting growth potential in electronics and engineering.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.