India’s exports to Australia surge 14% since ECTA, trade momentum strong

India’s exports to Australia see a 14% growth due to the ECTA, with significant increases in textiles, chemicals, and agriculture. Bilateral trade continues strong, reaching $16.3 billion in April-November 2024. Enhanced market access benefits Indian MSMEs and farmers, promoting a target of AUD 100 billion trade by 2030.

India’s exports to Australia surged by 64.4% year-on-year in November, driven by growth in textiles, chemicals, and agricultural products. Despite a 5.21% decline in overall merchandise exports, the Economic Cooperation and Trade Agreement (ECTA) has expanded market access and employment opportunities, enabling India to aim for AUD 100 billion trade by 2030.

India’s export sector is poised for growth in high-value areas like machinery and electronics despite global uncertainties. The commerce ministry is formulating strategies to boost exports, with a focus on 20 key countries. Additionally, a potential shift in US trade policies under Donald Trump could present new opportunities and challenges.

India’s Directorate General of Trade Remedies initiates probes into alleged dumping of nylon filament yarn from China and Vietnam, and TDQ from China. Century Enka, Gujarat Polyfilms, and Oriilon India, alongside NOCIL Ltd, filed applications. If dumping is confirmed, anti-dumping duties will be recommended to protect domestic industries.

The Indian rupee’s 2.34% depreciation against the US dollar from December 2023 to December 2024 is expected to increase India’s import bill by about USD 15 billion. Gold and industrial goods imports from China, priced in USD, will be significantly affected, while a 5% drop in Brent crude prices mitigates some of the impact on […]

The government imposes six-month import restrictions on low ash metallurgical coke starting January 1, 2025, including quantitative restrictions for specific countries. Imports allowed only with DGFT authorization. QR monitored quarterly, applicable for January-March and April-June 2025. High ash content coke is exempted from this restriction.

India has imposed a six-month import restriction on low ash metallurgical coke from January 1, 2025, limiting imports from countries including Australia, China, and Russia. Import authorisation from DGFT is required, with country-specific quantitative restrictions in place during this period to ensure controlled imports within the specified limits.

India’s MoU with the US on critical minerals is viewed as progress, particularly for the EV sector, and aims to eventually qualify for benefits under the US Inflation Reduction Act. The agreement intends to boost investment and manufacturing in India. Additionally, ongoing FTA negotiations and trade expansions with countries like China and Russia are mentioned.

Trump tariffs: Exporters are discussing with the government to capitalize on potential opportunities in the US market, especially in sectors like textiles, leather, chemicals, electronics, auto parts, and toys. Increased financial support and promotion in the US market are recommended to take advantage of the changing trade dynamics favoring India over China.

FIEO has developed a strategy to boost India’s exports to the US, aiming to seize opportunities from potential tariffs on Chinese goods under Trump. They seek government financial support for exhibitions and focus on key sectors like apparel, electronics, toys, footwear, and organic chemicals. FIEO also highlights liquidity issues and calls for relaxed payment rules […]