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2022 / 03 / 08
The impact of Russia-Ukraine conflict_HWAFUNE Newsletter no.15
The impact of Russia-Ukraine conflict cause upon global apparel industry. Apparel industry organizations in Europe and the United States have all implied that the aggression of Russia and Ukraine may lead to an increase in the cost of the global apparel industries. The organization believes that if the situation worsens, the cost of raw materials will continue to rise in this industry due to the upswing of energy prices. The European Apparel and Textile Confederation (Euratex) indicated: The energy crisis that started at the end of last year has been worsening in the last week. Prices of energy, gas, and oil have been skyrocketing. According to Reuters, Benchmark European gas prices at the Dutch TTF hub rose by 330% last year, while benchmark German and French power contracts have more than doubled. Dr. Sheng Lu, associate professor of fashion and apparel studies at Delaware University, said: "While Russia and Ukraine play a small role in apparel production and trade, it does not mean that the apparel industry is immune to the knock-on effects of military conflict. Julia Huges, President of United States Fashion Industry Association (USFIA), substantiated, “Ukraine, despite not being a major supplier to the US market, is important to some US companies. During 2021, the US imported more than US$20million apparel from Ukraine.” Although the industry situation is dire, the main concern today is the people of Ukraine and we hope that this military invasion will end as soon as possible.