India’s apparel exports to Russia are declining despite India’s emergence as its favourite destination for sourcing multiple products amid the changing geopolitical situation.

 

Reports suggest that the trade between the two countries is rising, and India is buying cheaper crude oil from Russia. But apparel exports from India are decreasing month on month. 

Before the Russia-Ukraine war, India had exported garments worth $17.718 million in October-December 2021 to Russia. The exports dropped to $15.922 million in January-March 2022 and to $6.672 million in April-June 2022 due to the war. It further declined to $2.464 million in July-September quarter of the current year, according to Fibre2Fashion’s market insight tool TexPro. 

On monthly basis, the exports reduced to $0.740 million in October 2022 from $1.442 million in the preceding month. India exported $25.800 million worth of apparel products in the first ten months of the current year.

Last year, the shipment amounted to $66.394 million, which was only slightly higher than the exports of $57.674 million in 2020. It was noted at $75.326 million in 2019, $76.571 million in 2018 and $84.532 million in 2017, as per TexPro. 

India’s home textile exports were valued at $9.440 million in the first ten months of the current year. The country’s exports of these products were recorded at $25.161 million in 2021, $219.122 million in 2020, $21.691 million in 2019, $23.292 million in 2018 and $21.028 million in 2017.