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Major apparel exporting countries like China, Bangladesh, Turkey, India and Sri Lanka saw their exports to Russia decline post the commencement of Russia-Ukraine war in last week of February this year. The SWIFT ban on Russian banks created new hurdles for financial transaction with that country. The disturbed global ship movements was also a key factor.
China’s apparel exports to Russia fell to $122.165 million in March from $151.089 million in February 2022. But the export improved to $129.828 million in April, according to Fibre2Fashion’s market insight tool TexPro. The export was $255.786 million in January 2022, $288.413 million in December 2021 and $203.901 million in November 2021.
Major apparel exporting countries like China, Bangladesh, Turkey, India and Sri Lanka saw their exports to Russia decline post the commencement of Russia-Ukraine war in last week of February this year. The SWIFT ban on Russian banks created new hurdles for financial transaction with that country. The disturbed global ship movements was also a key factor.
Likewise, China’s home textiles exports to Russia fell to $26.543 million in March from $38.499 million of February 2022. The export was $38.221 million in April. The export stood at $50.057 million in January 2022, $57.030 million in December 2021 and $63.931 million in November 2021.
Bangladesh’s earnings from garment export to Russia stood at $482.23 million during July 2021-February 2022, with an average monthly earning of $60.15 million. However, the average monthly earning during March to May 2022 from the Russian market declined significantly to $27.05 million.
Similarly, apparel export from Turkiye to Russia fell to $17.483 million in March from $30.441 million in February 2022. But it improved to $21.212 million in April 2022, as per TexPro. The export was $22.322 million in January 2022, $17.476 million in December and $18.836 million in November 2021. Turkish home textiles export to Russia fell to $2.353 million in March from $5.935 million in February 2022. The export stood at $4.878 million in April 2022. The export was $6.051 million in January 2022, $5.128 million in December and $8.677 million in November 2021.
India’s apparel exports to Russia too registered steep decline after February 2022. The export declined to $2.056 million in March from $8.561 million of February. The export was $5.304 million in January 2022, $6.475 million in December, $5.452 million in November and $5.790 million in October 2021. India’s monthly home textile export declined to $0.197 million in March from $1.814 million in February 2022. The monthly export was $2.121 million in January 2022, $2.141 million in December, $1.709 million in November and $2.743 million in October 2021.
Sri Lankan apparel export to Russia also registered a drop in value. The export reduced to $0.112 million in April from $0.717 million of February 2022. However, the export recovered in April from March 2022 when it came to almost standstill and stood at mere $24,528. The export was $1.060 million in January 2022, $0.960 million in December and $1.003 million in November 2021.
Fibre2Fashion News Desk (KUL)
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