Indo-Russia trade deepens amid Ukraine crisis; apparel exports halve

22 Apr '23

2 min read

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Insights

Russia has become India's top crude oil supplier, increasing imports from Russia while exports have not risen proportionally, leading to a larger trade deficit.
India's garment exports to Russia dropped by more than 56 per cent to $29.848 million in 2022.
India's garment exports to Russia accounted for only 0.46 per cent of its total exports in 2022.

Russia has become India's top crude oil supplier amid changing geopolitical dynamics following the Ukraine crisis. This has led to an increase in India's imports from Russia, but exports have not risen proportionally, resulting in a sharp increase in India's trade deficit with Russia. In terms of textile trade, India is a garment supplier for Russia. However, India's garment exports to Russia halved to $29.848 million in 2022, and its share in Russia's total garment imports is negligible, below one per cent.

India exported garments worth $66.394 million to Russia in 2021, but the war with Ukraine disrupted trade and normal life, leading to a drop of more than 56 per cent in garment exports to just $29.848 million in 2022, according to Fibre2Fashion's market insight tool TexPro.

The Russia-Ukraine war began in the second half of February 2022. Garment shipments to Russia were registered at $57.674 million in 2020, $75.326 million in 2019, and $76.571 million in 2018.

India's garment exports to Russia were negligible compared to its total exports, accounting for just 0.46 per cent of India's total exports in 2022, as per TexPro. India's total garment exports reached $14.354 billion last year, with Russia remaining far below the list of top 10 markets for Indian garment shipments.

India's garment supply to Russia also held minimal value compared to Russia's total garment imports, which ranged between $6-7 billion per year in recent years.

Fibre2Fashion News Desk (KUL)

More Apparel/Garments News - Russia...

This according to Fibre2Fashion's Market Intelligence Tool - TexPro