The department of the Indian Ministry and Commerce commented on the bilateral trade between Australia and India has perceived the share of free trade agreement, according to this bilateral agreement between India and Australia, India is getting tariff concession on 99% of goods.
Major labor-oriented sectors such as leather goods, footwear, agriculture, pharmaceuticals, and textiles will be covered in an interim agreement with Australia claimed by the official authority.
According to India export data 2020, the total imports value of Australia from India in 2020 were accounted for $2.8 billion. Based on the trade agreement between India and Australia, 99% of the total imports were from India excluding products from the agriculture and dairy sector of India.
This is a matter of concern because agriculture and dairy are the world’s second-largest production sectors. The experts and professionals in the field are showing their concern regarding this situation as agriculture and dairy are highly sensitive sectors especially when it comes to global competitiveness.
What are the products India exports to Australia?
As per India customs export data, Mineral Oils & Fuels $257.70 million, Articles of Steel & Iron $150.48 million, Pharmaceuticals $283.06 million, Carpets & Other Textile Floor Covering $93.86 million, Industrial Machinery $203.38 million, Not Knitted or Crochet Articles of Apparel & Clothing Accessories $115.57 million, Electrical Machinery & Equipment $155.08 million, Miscellaneous Chemical Products $101.70 million, Vehicles, Parts & Accessories $116.92 million, Articles of Textile, Rags $136.08 million.
The above data shows the top exported products of India to Australia based on India export and import data. With an export value of $283.6 million pharmaceutical products accounted for the top export commodity of India to Australia followed by other products such as Mineral Oils & Fuels, Industrial Machinery with an export value of $257.70 million and $203.38 million respectively.
Overview of India Dairy Sector
India is the largest producer of some of the key ingredients in the world such as spices and pulses, including products from the dairy industry. Milk is an agricultural and dairy product that is highly valued in the global market. There is a high demand for Indian dairy products in the international market because Indian dairy products are naturally cultivated and are rich in nutrients and other essential minerals and vitamins.
The Indian dairy industry is the world’s largest agricultural commodity and is well known for its high production of milk on a global level. The Indian dairy sector contributes a total of 5% to India’s economy. In the year 2020, the total value of Indian dairy was estimated at 11,357 billion INR as per India export-import data year-wise.
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