WEAK ROUBLE ENCOURAGES RESHORING OF RUSSIAN TEXTILE AND CLOTHING PRODUCTION AWAY FROM ASIA
April 21st, 2015
The fall of the Russian ruble is pushing leading Russian textile and clothing brands into considering abandoning outsourcing abroad, shifting production back to Russia and away from China and other Asian countries, government officials claim. According to analysts at the Russian ministry of industry and trade, the decline of the ruble (RUB) (1 ruble now buys 1.9 US cents, compared to 2.9 cents last June) through weak oil prices and western sanctions, has made Russian textile production 15%-20% cheaper than Asian imports. Viktor Evtukhov, Russia’s deputy ...
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