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Bilateral textile ties may strengthen after Russia's WTO accession

15
Feb '07
Russia is supposed to gain WTO membership this year, with textile being one of the traditional components of Sino-Russian trade.

But bilateral textile trade has been in turmoil as many big Chinese firms do not participate and trade is mainly conducted by SMEs and the self-employed.

Interests of Russian enterprises are not protected and product reputation remains poor.

It is expected that WTO accession will improve bilateral trade between both nations, with big Chinese companies penetrating Russian markets.

Sino-Russian trade volume of textiles and apparel stood at US$6.218 billion in 2005, which was up 35 percent from the past year. China's exports of textiles and garments reached $6.213 billion, up 35.4 percent while imports were worth $4.8 million, down 21.6 percent. Chinese textiles made up 47 percent of total exports to Russia.

In 2006, bilateral textile trade dropped to $4.98 billion, which is 19.9 percent lower than 2005. Chinese exports mainly accounted for the trade figure.

Fibre2fashion News Desk - China


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