Indian ambassador to Mexico Manpreet Vohra has said the bilateral trade between the two countries is on a rising trend and that there is huge potential for growth of Indian apparel exports to Mexico.
Addressing an event, he said that the overall bilateral trade has grown 46 per cent to about US $ 10 billion since 2014.
It is pertinent to mention here that in 2019, Mexico imported US $ 381 million worth of textiles and clothing items from India.
“However, there is much more room for growth borne out by the fact that in 2019 Mexico imported over US $ 10.7 billion worth of garments and textiles from all over the world. Even 2020 data shows that from January to November, despite the pandemic, Mexico still imported US $ 7.9 billion of these items. India, therefore, can surely increase its share in the import matrix of Mexico,” the envoy said.
He said that more than 600 companies in India are certified to produce high-quality PPE today.
The global market for this is expected to be over US $ 92 billion by 2025 up from only US $ 52 billion in 2019. This is another good opportunity for Indian and Mexican companies to collaborate.
It is worth mentioning here that of the 10 top apparel products that are being exported from India to Mexico only one item is an MMF fabric; all others are cotton fabrics.
This is where the gap is and this is where the industry sees growth!