Indian textiles can penetrate the Mexico market says Indian envoy to that country

The bilateral trade between India and Mexico is on a rising trend and that there is huge potential for growth of Indian apparel exp Indian textiles can penetrate the Mexico market says Indian envoy to that country orts to Mexico, the country's ambassador to the Latin american country Manpreet Vohra said.

Speaking at ‘India-Mexico Synergies in Apparel and Textiles’, a virtual B2B meeting organized by Apparel Export Promotion Council (AEPC) and Embassy of India, Mexico City, Mexico, on February 15th, Mr Vohra said that the bilateral trade has grown 46 per cent to about 10 billion US Dollars since 2014.

Mexico is now India’s largest trading partner in Latin America

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 US dollars in India’s favour,” Mr Vohra 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 US dollars worth of textiles and clothing items from India.

India is one of the leading manufacturers and exporters of high quality and competitively priced garments and textiles.Further, he said that both the domestic market size and India’s share in global apparel trade, currently 5 per cent, are likely to triple by 2024-25.

More than 600 companies in India certified to produce PPE; Global market for PPE to be over 92 billion US dollars by 2025

“More than 600 companies in India are certified to produce high quality Personal Protective Equipment (PPE) today. Global market for this is expected to be over 92 billion US dollars by 2025 up from only 52 billion US dollars in 2019. This is another good opportunity for Indian and Mexican companies to collaborate,” the India’s envoy in Mexico said.

AEPC Chairman Dr A Sakthivel said, “At the start of the coronavirus pandemic in India in March, the production of medical textiles in the country was zero. Within 30 days with the help of Textiles Minister Smt Smriti Zubin Irani and our exporters, the production of medical textiles began. And, by June India became the world’s second largest manufacturer of medical textiles.”

Cotton garments account for 85 per cent of India’s total apparel exports

The Chairman further said that cotton garments account for 85 per cent of India’s total apparel exports while the global market is exactly the opposite with 85 per cent trade in manmade fibre (MMF) garments and 15 per cent cotton garments. On our request, the Government has now started a Production Linked Incentive (PLI) scheme. For this, they have identified 40 HS codes for MMF garments and 10 HS codes for technical textiles,” Dr Sakthivel said.