New Delhi: India’s exports to Australia rose 64.4 per cent year-on-year to $643.7 million in November. Healthy growth in sectors such as textiles, chemicals and agricultural products is the main reason for this surge.
However, the country’s merchandise exports recorded a decline of 5.21 per cent year-on-year to $5.56 billion during April-November 2024-25. Total merchandise bilateral trade from April-November 2024 reached USD 16.3 billion.
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Australia is India’s trade agreement partner. India and Australia implemented an interim trade pact — Economic Cooperation and Trade Agreement (ECTA) — on December 29, 2022 and are now in negotiations to widen the scope of the pact and make it a Comprehensive Economic Cooperation Agreement (CECA).
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. The total trade, however, moderated in 2023-24 to USD 24 billion in 2023-24.
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