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India to overtake Mexico in apparel exports
By agencies
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Tuesday, 19 April 2005, 19:30 IST
CHENNAI:The way things are going it is only a matter of time before India overtakes Mexico as the second largest exporter of textiles and apparel to the U.S.
Judging by the rates of growth before and after quota abolition as many as six of the top 10 countries may be out of the running a few years down the line.
The data speak for themselves, but they are best viewed in conjunction with the fact that Americans spent as much as $255 billion on clothing in 2002 (the latest year for which figures are available), while imports of textiles, clothing - everything put together - stood at a mere $77 billion.
To put it differently, domestic producers in the U.S. (including big names such as Lee), which have already begun closing shop or crying out loudly in alarm, were able to reserve much more than 70 percent of this huge market for themselves.
Thanks to the quotas, and the fact that the influence wielded by a handful of producers was able to triumph over the interests of millions of consumers.