Indian MMF textiles exports to the Latin American region, which comprises 44 countries, have risen from $369.85 million in 2009-10 to $711.51 million in 2013-14, registering a growth of around 92.37 per cent over the past five years, says a report released by the SRTEPC. This region accounts for about per cent of global trade.
MMF: India needs to increase share
Exports of Indian MMF textiles to Latin America increased from 9 per cent in 2009-10 to 12 per cent in 2013-14. Exports are mainly directed to 14 markets in the Latin American & Caribbean (LAC) region which accounts for over 90 per cent of India’s total exports of MMF textiles to this region.
Mexico, Brazil and Argentina have significant market potential for MMF textile imports where India’s share is only 1.67 per cent, 7.71 per cent and 5.99 per cent respectively. This suggests that there is tremendous scope for enhancing India’s MMF textile exports to these countries. In 2013, Mexico imported $5 billion worth MMF textiles from the world. However, import from India was only $80 million accounting for 2 per cent in total import of MMF textiles by Mexico in 2013.
Brazil imported $4 billion of MMF textiles in 2013 while from India it was only $306 million accounting for 9 per cent of total imports of MMF textiles by Brazil in 2013. Similalry, Argentina imported nearly $1.5 billion during 2013 however, import of MMF textile from India was only $81 million accounting for 6 per cent in total import of MMF textiles.
The point is that India’s MMF textile exports to the Latin American countries have grown at a rapid pace during the last decade. However, exports to some of the markets have been witnessing a decline recently. The Council is constantly making efforts to establish base in these far flung markets and increase India’s market share, says the report.