India’s exports to Australia rose 64.4 per cent year-on-year to USD 643.7 million in November on account of healthy growth in sectors such as textiles, chemicals and agricultural products, data from the Ministry of Commerce & Industry said on Sunday.

The country’s merchandise exports recorded a decline of 5.21 per cent year-on-year to USD 5.56 billion.

Advertisement

The Commerce Ministry released the data as India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) completes two years of remarkable success, driving mutual growth and showcasing the complementarity of both economies.

Since its signing, bilateral merchandise trade has more than doubled, surging from USD 12.2 billion in 2020-21 to USD 26 billion in 2022-23. Total trade, however, moderated in the year 2023-24 to USD 24 billion in 2023-24, with India’s exports to Australia growing by 14 per cent.

The current fiscal year continues to reflect strong momentum. Total merchandise bilateral trade from April-November 2024 reached USD 16.3 billion.

Exchange of preferential import data has commenced between both countries, highlighting the effective implementation of the agreement in 2023. The data reveals export utilisation at 79 per cent and import utilisation at 84 per cent, the data from the ministry said.

On the completion of two years of ECTA, Commerce and Industry Minister Piyush Goyal took to social media platform X and said the agreement has brought with it increased market access for Indian exporters, expanded opportunities for MSMEs and farmers, and generated several employment avenues.

“It has also enabled growth in exports by 14 per cent in 2023-24; notable boost in IT/ITeS, business and travel services; and port-study work and work holiday visas,” he said.

“The expanding trade and investment ties between the two countries under the agreement reflect the growing business-to-business and people-to-people engagements. We are committed to building on the momentum that the Ind-Aus ECTA has generated and achieve the AUD 100 billion trade target by 2030,” Goyal said.

In the last two years, since the signing of ECTA, key sectors like textiles, chemicals, and agriculture have shown substantial growth, while exports on new lines, including gold studded with diamonds and turbojets highlight the diversification enabled by the agreement.

Imports of essential raw materials, such as metalliferous ores, cotton, wood and wood products have fuelled India’s industries, contributing to the win-win nature of this partnership.Sectors such as electronics and engineering have room for growth.