The bilateral trade between India and Mexico is rising and there is huge potential for growth of Indian apparel exports to Mexico, according to Indian ambassador to Mexico Manpreet Vohra, who recently told a virtual meeting titled 'India-Mexico Synergies in Apparel and Textiles' that the bilateral trade has grown 46 per cent to about $10 billion since 2014.
The meeting was recently organised by the Apparel Export Promotion Council (AEPC) and the Indian embassy in Mexico City.
"Mexico is now India's largest trading partner in Latin America and the second-largest in entire America after the USA and having overtaken Canada and Brazil. Our trade is also fairly well balanced with only about $1 billion in India's favour," Vohra was quoted as saying by a news agency.
The ambassador said one of the most important products in the bilateral trade basket is garments and textiles, and for which India is among Mexico's top suppliers. In 2019, Mexico imported $381 million worth of textiles and clothing items from the country.
"However, there is much more room for growth borne out by the fact that in 2019 Mexico imported over $10.7 billion worth of garments and textiles from all over the world. Even 2020 data shows from January to November that despite the pandemic Mexico has still imported $7.9 billion of these items. India, therefore, can surely increase its share in the import matrix of Mexico," the envoy said.
India is one of the leading manufacturers and exporters of high quality and competitively priced garments and textiles, he said, adding that the size of the country's domestic market alone is $100 billion.
"Of the 10 top apparel products that are being exported from India to Mexico only one item is a MMF fabric, all other items are cotton fabrics. This is where the gap is and where we see growth," Sudhir Sekhri, chairman, export promotion, AEPC, noted.
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