[ad_1]
Though competitors in global textile market, India and Thailand also supplement each other for raw materials. Bilateral trade of textile products between the two countries is yet to recover after a dent of COVID-19. Mutual trade of fibre, yarn and fabrics was $255.911 million in 2021. Total bilateral trade touched a record $15 billion last fiscal.
Recently, India’s minister of state for external affairs Rajkumar Ranjan Singh informed at an event, “Thailand is the fourth largest trading destination for India in the ASEAN region. Bilateral trade between India and Thailand has reached an all-time high of around $15 billion in 2021-22. The Indian market remains attractive for Thai investors.”
Though competitors in global textile market, India and Thailand also supplement each other for raw materials. Bilateral trade of textile products between the two countries is yet to recover after a dent of COVID-19. Mutual trade of fibre, yarn and fabrics was $255.911 million in 2021. Total bilateral trade touched a record $15 billion last fiscal.
The economic cooperation between the two countries in trade, investment and tourism have continued to flourish during recent years, Singh said at the recently concluded second edition of the North East India Festival, in Bangkok.
According to Fibre2Fashion’s market insight tool TexPro, India had exported textile products like fibre, yarn and fabric worth $126.898 million and imported worth $129.013 million in the same category during 2021. Bilateral trade was $260.082 million in 2019 and $188.612 million in 2020 for the same category. It shows slow recovery in the trade after the COVID-19 pandemic. India’s exports of textile products were valued at $174.007 million, and import was valued at $86.752 million in 2019 which totalled $260.082 million. The export of textile products was valued at $118.516 million, and import was valued at $67.096 million in 2020. The total bilateral trade was $188.612 million.
As per TexPro, India’s export was $64.377 million for fabric, $33.822 million for yarn and $28.699 million for fibre during 2021. It had imported fibre of $69.322 million, yarn of $39.061 million and fabric of $20.629 million from Thailand. It shows that Thailand is mostly dependent for raw materials on India.
Fibre2Fashion News Desk (KUL)
[ad_2]
Source link
