By 2025, Russia is expected to double textile exports in global market. Russian-made textile products saw almost 20% growth last year. Despite the significant growth, Russia still contributes 0.4% in the global textile market. But they have plan to make it 2 per cent by 2025.
The recent growth and expected plan for textile export expansion is happening because of Russian currency devaluation which is attracting Russian manufacturers toward export oriented textile sector. It is even better than the deliveries of the domestic market.
Due to the decline of Russian economy in 1980s to 1990s, the textile sector had a catastrophic condition. Many textile factories became bankrupt between this period. On the other hand, the global market was totally occupied by cheap textile goods from South East Asia. However, the situation has changed over the recent years and Russian textile sector is enjoying significant demand in both global and domestic market.
The increasing labor cost in China and some other South Asian countries have brought some good prospect to Russian manufacturers and as a result the price of Russian textile goods are becoming more competitive.
