Australia's engineering imports from India up by 9%

 Engineering goods and machineries are the key imports of Australia. Australia relies heavily on the imports of machinery equipment in order to support the country's manufacturing sector. As per Australia import export data reports, during the fiscal year 2023, communication equipment manufacturing imports were estimated to be $16 billion during this year.

The other key equipment imports of Australia are computer and electronics office equipment, audio visual electronic equipment, measuring scientific equipment manufacturing. Australia customs data reports show that engineering goods imports by Australia were recorded to be $7.5 billion this year. 

Australia's majority of the engineering goods imports came from India which are estimated to be $595 million in the last three months. Australia's majority of the engineering goods imports came from India which are estimated to be $595 million in the last three months. There was around a 9% increase in the engineering imports from India this year.

These include surveying, radar, nautical instruments, laboratory, measuring, scientific equipment, meteorological instruments, fibre-optic cables, temperature, and gradient measure instruments. Australia's imports for Audio visual electronic equipment in FY 2023 are estimated to be $8.3 billion followed by motor vehicle equipment ($34 B).

On the other hand, Australia's engineering goods imports were quite low. The last year export data of Australia shows that the country's overall engineering total was $4.8 million. Australia's most favoured destinations for engineering exports were Ukraine, Turkey, Argentina, Philippines, Peru, Mexico. 

Whereas, export shipments to Indonesia, India and Bangladesh had seen minimal growth. The top engineering goods export companies from Australia are TNA Europe limited, VEEM LTD, Challenge Pumps Australia, Hofman Engineering, Weir minerals Australia and M/S caterpillar

Apart from engineering goods, Australia is responsible for some hefty amount of imports from India. Australia import data shows that Australia's top imports are coffee, tea, spices, aluminium, optical, medical apparatus, chemical products, textiles, carpets, etc. In the financial year 2022, India’s exports to Australia were totaled to be around $8.6 billion.

                                   

On the other hand, Australia’s key exports to India are mostly essential oils, grains, oil seeds, beverages,  cotton, precious metals, chemicals, fertilizers and aluminium. According to Australia export data reports, India’s overall imports from Australia were estimated to be around $17 billion during the fiscal year 2022.

Australia has to progress in the manufacturing sector. As, the manufacturing sector has only 6.8% share in the country's overall GDP. Food, beverages sector contributes to oveR 23% Share in the economy. Whereas, machinery & equipment (21%), petroleum (18%), metal products (16%), wood products (6%) and non-metallic mineral products (5.3%) are among major contributors in the Australian GDP.

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