The Australian Parliament has recently approved the India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA). Australia is an important garment market for India. On the other hand, Australia is a major cotton producer, and the South Asian country can import cotton from it in case of shortage or high price in the domestic market.
India’s Commerce and Textile Minister Piyush hopes that the bilateral trade agreement will give a big boost to several sectors, including textiles. Australia supplied textiles including cotton worth $330.245 mn in January-September 2022.
Cotton (HS Code 52) shipment was valued at $221.680 in the same period which was 67.13 percent of the total. Wool, horsehair yarn and woven (HS Code 51) import was $106.439 mn (32.23 percent), according to market data report.
During the same period, Australia imported apparel worth $242.995 mn from India. The import of dresses was valued at $48.762 mn (20.07 per cent), T-shirts $44.726 mn (18.41percent), shirts $38.844 mn (15.99 percent), trousers & shorts $30.308 mn (12.47 per cent), and baby wear $19.707 mn (8.11 per cent), as per TexPro.
Australia had imported apparel worth $284.756 mn in 2021, $203.664 mn in 2020, $235.399 mn in 2019 and $203.047 mn in 2018. The developed country’s supply of cotton to India stood at $153.677 mn in 2021, $69.588 mn in 2020, $154.858 mn in 2019 and $252.897 mn in 2018.
