Two-way trade between India and Australia is expected to double at $40 billion in five years, Australia's envoy to New Delhi said Wednesday.

"Currently trade between India and Australia is $21-22 billion. It is expected to double by the next five years," Australian High Commissioner Peter N. Varghese said on the sidelines of a programme organised by the MCC Chamber of Commerce and Industry in Kolkata.

Australia is India's eight largest trading partner and India Australia's fifth largest.

Trade in goods between them grew from $10 billion in 2005-06 to $18 billion in 2O10-11.

India's imports are more than exports, resulting in a trade imbalance.