India Australia trade relations can be traced back to when the first Australian ship laden with coal came to India in 1801 as a part of the East India Company. India Australia trade relations are active today but their full potential has still not been achieved. There is considerable scope for development in India Australia trade relations.
India ranked sixth in Australia's export market in the year 2004- 2005. During this period, India's share of Australia's total export was 4.8% and import was 0.8%. The major items in India Australia trade which Australia exports to India are as follows:
- Copper and copper ores
- Silver and platinum
- Telecommunication equipment
- Electronic components
- Precious and semi precious stones
- Floor coverings
- Agricultural products
- Leather and leather goods
Around 100 Australian companies have set up offices in India which has given a major boost to India Australia trade relations. Some of the important ones are TNT express (courier services), Rio Tinto (mining), Telstra (telecommunications), Snowy Mountain Engineering Corporation (infrastructure development), Argyle diamonds (technical support office for diamond sales ), BHP Billiton (mining), ANZ (IT), and Fosters (brewery).
India Australia trade relations have come a long way but still there is room for more improvement which will prove beneficial for both the countries.
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