Summary:

India’s exports to Australia increased by 64.4% in November to US$ 643.7 million, driven by growth in textiles, chemicals, and agriculture. However, India's total merchandise exports declined by 5.21% to US$ 5.56 billion between April and November 2024-25. The Economic Cooperation and Trade Agreement (ECTA), which came into effect in December 2022, expanded market access for Indian exporters, MSMEs, and farmers, with Piyush Goyal estimating a 14% increase in exports in 2023-24.

The ECTA has boosted India-Australia trade, tripling it from US$ 12.2 billion in 2020-21 to US$ 26 billion in 2022-23. However, overall trade fell to US$ 24 billion in 2023-24. Bilateral trade totaled US$ 16.3 billion from April to November 2024. The agreement promotes preferential import data exchange and effective implementation. Goyal aims for AU$ 100 billion in trade by 2030, with increased exports of diamonds, turbojets, electronics, and engineering.

Source: IBEF

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