Monday, 18th July 2005 (2696 views)

India's love of gold has significantly boosted Western Australia's (WA) trading figures over the decade.

During that time India has jumped from being WA's 23rd biggest export destination to its fifth largest.

In the last ten years alone the value of exports has soared 2000 times, from $1.5 million to$2.8 billion, with gold accounting for $2.3 billion.

And with gold playing such a large part in wedding gifts and dowries it means India has gained ground on China as an export destination.

"India has snuck up on everyone," commented Chamber of Commerce and Industry senior economist John Nicolaou.

"It has sort of crept up because China's been all the rage, particularly over the past three to four years.

"But India is a country of remarkable opportunities. It is growing very strongly."

Over the past nine years, WA exports to China have grown more modestly than India, from $987.8 million to $4.4 billion last year.

This puts China ahead of the US and India, but just behind Japan as WA's biggest export destination, according to the Australian Bureau of Statistics.

Recent data shows WA's economy grew by a moderate 0.5 per cent in the quarter to March, while exports were up 13.8 per cent year-on-year.

 

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