India's exports to Australia up 14 pc during Apr-Nov, thanks to trade agreement
India's exports to Australia have increased by 14 per cent to USD 5.8 billion in April-November this fiscal on account of healthy growth in various sectors like engineering, pharma and electronics, a senior official said on Friday. Additional Secretary in the Department of Commerce Rajesh Agrawal said businesses of India and Australia are gaining from the interim free trade agreement, implemented on December 29 last year.
He also said negotiations to widen the existing trade agreement into a comprehensive deal are «progressing well».
«We expect to have some negotiations on rules of origin during January. That is one area where we have to work out detailed product-specific rules, and it takes time,» Agrawal noted.
Foreign direct investments have risen too from Australia to India at an annual average of USD 30-40 million to USD 300 million this year, he added.
India's imports from Australia, however, dipped by 19 per cent to USD 11.14 billion during April-November this fiscal.
According to the data provided by the department, bilateral trade during the period fell 10 per cent to USD 17 billion.
Export sectors, which have recorded healthy growth during the seven-month period of this fiscal, include engineering, pharma, electronics, spices, coffee, textiles, marine products, cashew and plastic.
«We are gaining market share in Australia. Preferential duties are working in favour of industry. We are diversifying our trade basket with Australia,» Agrawal said.
However, exports of gems and jewellery, and handicrafts have reported a negative growth.
On the import side, inbound shipments of gold jumped to USD 1.56 billion during April-October 2023 from USD 436 million in the same period last year.
Other import sectors
