In 2021, the apparel imports of Australia was valued at US $ 7.40 billion and India had a share of approximately 4 per cent in it. Industry experts feel that India has the potential to more than triple apparel exports to Australia in just three years.
From 29th December 2022, India’s Free Trade Agreement (FTA) with Australia comes into existence, and hence from now on, Australia has zero import duty access to India’s textile products, which was earlier 5 per cent. So it’s high time to have more thrust on this country having an apparel retail market worth US $ 18.20 billion in 2022. The same is projected to grow annually by 3.78 per cent (CAGR) in 2022-2026 period. In 2021, the apparel imports of Australia was valued at US $ 7.40 billion and India had a share of approximately 4 per cent in it. Industry experts feel that India has the potential to more than triple apparel exports to Australia in just three years. Even Indian Government is of the view that India’s exports of textiles and apparel are expected to reach US $ 1,100 million in the next three years from the current US $ 392 million. If Indian apparel manufacturers successfully understand the Australian market, there are huge opportunities that they can unravel. This feature answers how Australia, the world’s sixth-largest country with a population of 25 million, is different from other markets and how Indian exporters can increase their share in this country.
Source : in.apparelresources.com / for more details