The bilateral trade between India and Mexico is on the rise and there is a huge potential for growth of Indian apparel exports to the country, said the Indian ambassador to Mexico, Manpreet Vohra.
Speaking at ‘India-Mexico Synergies in Apparel and Textiles’, a virtual conference organised by Apparel Export Promotion Council (AEPC) and the Embassy of India in Mexico City, Vohra said that the bilateral trade has grown 46 per cent to about $10 billion since 2014.
“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,” he said.
The Ambassador said that 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, the country imported $381 million worth of textiles and clothing items from India.
However, Vohra said that 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,” he added.