Although India and Thailand are competitors in the textile industry, they also look after each other in terms of raw materials. After the epidemic has slowed down, the bilateral textile trade between the two countries has not yet resumed.
The bilateral trade volume of fibers, yarns and fabrics in 2021 is US$256 million. The total bilateral trade volume last year reached 15 billion US dollars.
Recently, India’s Minister of State for External Affairs, Rajkumar Ranjan Singh, said: Thailand is India’s fourth largest trading country in the ASEAN region. Bilateral trade between India and Thailand reached a record high of approximately US$15 billion in 2021/22. The Indian market remains attractive to Thai investors. In recent years, economic cooperation between the two countries in trade, investment, and tourism has continued to flourish.
According to market research, India’s textile exports in 2021 will be US$126 million and imports will be US$129 million. The bilateral trade volume in 2019 was US$260 million, and the bilateral trade volume in 2020 was US$188 million. It shows that trade is slowly recovering after the epidemic. In 2019, India’s textile exports were US$174 million and imports were US$86 million. In 2020, textile exports were US$118 million and imports were US$67 million.
According to survey data, India’s fabric exports in 2021 will be US$64 million, yarns will be US$33 million, and fibers will be US$28 million. Imported fiber from Thailand was US$69 million, yarn was US$39 million, and fabric was US$20 million. It shows that Thailand mainly relies on India for raw materials.
