Russian clothing imports increased by %
The Russian Business Consulting website reported on June 4 that the Russian clothing retail chain network survey results showed that Russian clothing imports increased by 57% in 2017, reaching 336,000 tons. It should be pointed out that in 2014, before the crisis, Russia’s clothing imports amounted to 251,000 tons. As the market recovers, apparel imports from China, Bangladesh, Belarus and other countries are increasing.
At present, such a high import volume can be understood from two aspects. On the one hand, this is a sign of the recovery of Russia’s clothing retail industry. On the other hand, it also shows that there is a long way to go in the field of import substitution. In 2017, Russia’s clothing imports increased by 57%, while clothing production increased by only 3.8%.
In addition, Russian garment factories experience fluctuations in the national currency. In the context of the collapse of the Russian ruble, factors linked to the U.S. dollar exchange rate have prompted domestic and foreign retailers to consider deploying some production capabilities in Russia. But no one doubts that import substitution is a lengthy process. According to RBC market research, the share of imported products in the Russian clothing and accessories market is still very high, with the indicator reaching 79.6%. (Title: Russian clothing imports increased by 57% in 2017)
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