India-Australia Trade Sees Massive 69% Jump Despite Ban
India's imports from Australia have seen a significant surge of 69% in the last year, despite a ban on certain goods. According to data, India's imports from Australia reached a record high, with a 69% increase in imports, up from the previous year.
The increase is attributed to the growing demand for Australian goods, particularly in the sectors of coal, copper, aluminium, and cobalt. Dr. Ajay Sahai, director-general of the Federation of Indian Export Organisations, expects this trend to continue in the coming years. "Coal, copper, aluminium, cobalt we can see a sizable jump in all of this. Wine imports too would go up," he said.
The trade between the two countries is expected to more than double to around A$60 billion over the next five years, following a trade pact that cuts or eliminates tariffs on several goods and services. The pact also provides greater recognition of professional qualifications, making it easier for Indian graduates to work in Australia.
India is a key market for Australia, with a middle-to-high income population of about 85 million people. The country is seen as a prime target for Australian sectors such as education, minerals, tourism, and wine. The tourism sector is also expected to benefit from the growing demand, with India becoming the second-largest source country of visitors to Australia after New Zealand.
