India-Australia pact: Win-win for textiles of both countries

29 Nov '22

2 min read

Pic: Shutterstock.com

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 million in January-September 2022. Cotton (HS Code 52) shipment was valued at $221.680 in the same period which was 67.13 per cent of the total. Wool, horsehair yarn and woven (HS Code 51) import was $106.439 million (32.23 per cent), according to Fibre2Fashion’s market insight tool TexPro.

During the same period, Australia imported apparel worth $242.995 million from India. The import of dresses was valued at $48.762 million (20.07 per cent), T-shirts $44.726 million (18.41per cent), shirts $38.844 million (15.99 per cent), trousers & shorts $30.308 million (12.47 per cent), and baby wear $19.707 million (8.11 per cent), as per TexPro.

Australia had imported apparel worth $284.756 million in 2021, $203.664 million in 2020, $235.399 million in 2019 and $203.047 million in 2018. The developed country’s supply of cotton to India stood at $153.677 million in 2021, $69.588 million in 2020, $154.858 million in 2019 and $252.897 million in 2018.

Fibre2Fashion News Desk (KUL)

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