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EU recession continues to hit New Zealand wool market
04 Aug '12
1 min read
The ongoing recession is compelling European and UK consumers to be more selective while making their purchases. This was reflected in the poor start the wool selling season in New Zealand has received.
At the South Island wool sale held last month, more than half the wool on offer was sold but the prices moved downwards.
Industry analysts are expecting the demand for New Zealand wool to pick up, but they are not equally bullish on the prices. However, they concede that wool growers would be able to get back their investment.
New Zealand wool, which is normally priced higher, is currently fetching the same price as that of UK wool.
According to data, both prices and demand for New Zealand wool have currently fallen back to 2010 levels.
Fibre2fashion News Desk - India
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