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Finland's clothing exports to Russia rise sharply in H1
25 Aug '12
1 min read
A sharp increase has been noted in Finland’s clothing and textile exports to Russia during first half of the current year.
While the country’s clothing exports to Russia grew by 17 percent year-on-year, its textile exports increased by 45 percent year-on-year from January to June 2012, the Federation of Finnish Textiles and Clothing Industries (FINATEX) said.
According to FINATEX, Russia’s becoming the official member of the World Trade Organization would further boost exports of Finnish goods and services to Russia, which is a key export destination for Finland’s textile and clothing industry.
During last year, Russia accounted for over 20 percent of Finland’s overall textile and garment exports. About one-third of Finland’s clothing exports in 2011 were destined to Russia.
FINATEX expects that the WTO member status would afford better predictability to firms that export goods to Russia, as it is expected to ease the customs procedures and bureaucratic hurdles.
Besides, import tariffs levied by Russia are also expected to reduce by around two percent during the three-year transition period.
Fibre2fashion News Desk - India
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