India's exports to Aus rise 14% in 2023-24

India's exports to Australia grew over 14% in 2023-24 following the implementation of the India-Australia Economic Cooperation and Trade Agreement (ECTA), commerce minister Piyush Goyal said on Sunday, describing the deal as "landmark".

- Gireesh Chandra Prasad

NEW DELHI:

The agreement, signed on April 2, 2022 and operationalised on December 29 that year, has increased market access for Indian exporters, expanded opportunities for MSMEs and farmers, and generated several employment avenues, Goyal said in a post on X.

Bilateral merchandise trade more than doubled from $12.2 billion in 2020-21 to $26 billion in 2022-23, though it moderated to $24 billion in 2023-24, the commerce ministry said. Total merchandise bilateral trade from April-November 2024 reached $16.3 billion, showing strong momentum in the current fiscal year. India's merchandise exports to Australia in 2022-23 were $6.95 billion, reflecting only three months of trade post-ECTA implementation. Imports from Australia in FY23 were worth $19 billion.

In 2023-24, the first full fiscal year after operationalisation, exports grew 14.23% year-on-year to $7.94 billion. However, imports from Australia contracted about 15% to $16.15 billion during this period.