Views: 13 Author: Site Editor Publish Time: 2022-03-23 Origin: Site
Data show that Russia's textile and apparel imports are mainly from China, which accounts for 43.8%, 8.1% from Italy, 6.4% from Bangladesh,6.3% from Belarus, 6.1% from Turkey, and 6.1% from Vietnam.
Given the relationship between China and Russia and global economic and trade changes, China's long-term import market share in Russia's textiles and clothing may be further enhanced to make up for the European and American countries and other Western economic sanctions on Russia caused by the supply gap. As for China, Russia's share in China's textile and apparel export market is low, so it is easy to meet Russia's new textile and apparel demand. However, due to the great influence of the export market share of Europe, America, and Japan, if the influence of the Russia-Ukraine war affects the textile and garment policies and economic and trade relations of Europe, America, and China, it will also bring obvious pressure to China's textile and garment export.
As Italy is a member of the EU and NATO, after the outbreak of the Russia-Ukraine war, the relations between Russia, the EU, and NATO become tenser, which is bound to affect their economic and trade relations.
As for Bangladesh, its garment exports to Europe and The United States account for 81% of its total exports, while its exports to Russia only account for 2%. If Europe and the United States put pressure on Bangladesh, it may also give priority to Europe and the United States and give up Russia.
In Turkey, textile and leather goods manufacturers in Istanbul's garment district are said to be feeling the pinch from Russia's invasion of Ukraine. Customers in Moscow and Kyiv canceled $200 million in orders in the past week, industry officials said. Officials estimate that the textile industry alone has more than $1 billion directly at risk if the conflict in Ukraine continues.
As for Vietnam, it's textile and garment exports to The United States and Japan account for 61% while its exports to Russia account for a significantly smaller proportion, it may also face pressure to take sides and favor the United States.
In general, economic and other sanctions caused by the Russia-Ukraine war may lead to a decrease in textile and garment exports to Russia by several major exporting countries, which may be offset by an increase in Chinese exports. However, since Russia's textile and garment import demand accounts for a relatively small proportion in the world, the Russia-Ukraine war may have more impact on the global trade flow, and the impact on the total demand may be relatively limited.
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