Russian Textile Network News, according to a report from the Russian Ministry of Industry and Commerce, Russian textile production decreased by 11.4% in 2008 compared with 2007. This was due to reduced consumer demand, which resulted in the reduction of production of many types of textiles.
Affected by the global financial crisis, companies and individuals have increased in defaults on bank loans and in debt to each other. Among textile and clothing companies, 71% of them are profitable, which is lower than that of footwear manufacturing companies, where 79.4% are profitable. The textile industry has reduced its workforce by 6.7%, and the current average monthly salary of workers in the textile and clothing industry is 8,026 rupees.
