India's exports to Australia saw a 14% year-on-year jump to $5.87 billion in the first eight months of current financial year (April-November) on the back of a favorable trade agreement that came into force a year ago on December 29 and opened a new market for Indian gold jewellery, garments, and bodies for tractors, among other products.
India's imports from Australia, however, fell 19% on an annualised basis during April November 2023 at $11.15 billion, mainly due to a fall in the demand for coal, coke and briquettes in India.
Available granular data for April-October 2023 indicates a 37% decline in imports of coal, coke and briquettes from Australia at $6.17 billion as compared to $9.75 billion in April-October 2022.
The decline in India's demand for coal, coke and briquettes is not specific to Australia alone, as India's overall imports from across globe fell by 33% from $33.38 billion in April-November 2022 to $22.45 billion in the same period this year, two commerce ministry officials said while commenting on the data.
It was too early for a comprehensive assessment of a trade agreement, but certainly India has gained access to new lines of exports due to preferential tariff under the pact, they added.
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