Feature
Issue No. 24 - August/September 2005
International Business Week 2005
Indian trade
Ayub Tareen is the South Australian Government’s new representative in Chennai. He sees great potential for increased trade with Asia’s “other” emerging economic superpower.
“South Australia currently exports approximately $100 million worth of goods to India (2003-2004),” Tareen says. “South Australia’s top four export commodities to India in this period were silver ($21 million), peas ($17 million), unwrought lead ($17 million) and wool ($8 million).
“In 2003-04, imports from India to the State were worth $36 million. The top four import commodities were cotton toilet and kitchen linen ($4.2 million), precious metal jewellery ($1.8 million), flat-rolled iron/non-alloy steel ($1.6 million), parts and accessories for vehicles and tractors ($1.3 million).
“From 1997-98 to 2001-02, South Australia averaged 7.6% of Australia’s exports to India, which is above the State’s contribution to Australian exports.”
India is Australia's 13th largest trading partner and our merchandise exports to India continue to grow, reaching $5.42 billion in 2004, or 4.6% of Australian exports. This amounts to an increase of 62% from 2003. As Australia’s sixth largest merchandise export market in 2004, over the past five years, India has grown faster than any of Australia’s other top 30 markets.
“The Indian economy, which has been consistently growing at around 6% p.a. for the past few years, is amongst the fastest growing economies in the developing world,” Tareen observes. “Simultaneously, India is also opening up its economy to allow export of foreign products, services and investments.
“This offers Australia a broad range of business opportunities with many that fit well within South Australia’s export capability.
“Some of these sectors are fresh & processed food products, education, health, water, building and construction, wine, automotive componentry and tooling, inf...
