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.
Bu hikaye Hindustan Times dergisinin December 30, 2023 sayısından alınmıştır.
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Bu hikaye Hindustan Times dergisinin December 30, 2023 sayısından alınmıştır.
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