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 mn in October-December 2021 to Russia. The exports dropped to $15.922 mn in January-March 2022 and to $6.672 mn in April-June 2022 due to the war. It further declined to $2.464 mn in July-September quarter of the current year, according to market report.
On monthly basis, the exports reduced to $0.740 mn in October 2022 from $1.442 mn in the preceding month. India exported $25.800 mn worth of apparel products in the first ten months of the current year. Last year, the shipment amounted to $66.394 mn, which was only slightly higher than the exports of $57.674 mn in 2020. It was noted at $75.326 mn in 2019, $76.571 mn in 2018 and $84.532 mn in 2017, as per market report.
India’s home textile exports were valued at $9.440 mn in the first ten months of the current year. The country’s exports of these products were recorded at $25.161 mn in 2021, $219.122 mn in 2020, $21.691 mn in 2019, $23.292 mn in 2018 and $21.028 mn in 2017.
