Export to Australia crosses $400 million in seven months

Merchandise export to Australia crossed the $400 million mark in the first seven months of the current calendar year, according to the latest statistics of Export Promotion Bureau (EPB).

It showed that the tangible export to Australia stood at $401.61 million in January-July period of 2017.

Annual export to Australia stood at $658.15 million in the past fiscal year (FY16).

Australia is the 23rd largest merchandise importers of the world. The latest statistics of the World Trade Organisation (WTO) showed that the country’s share in global import stood at 1.18 per cent in 2016.

Australia offers a tariff-free market access to Bangladeshi products along with all the Least Developed Countries (LDCs).

The basic rules of origin, to avail the market access, is at least 50 per cent of the total cost of the final product must consist of labor/material from one or more developing countries (or Australia).