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Wool exporters up in arms against currency punters
09 Oct '09
1 min read
The wool manufacturing and exporting sector is up in arms against so called punters, who speculate on the New Zealand dollar, which is detrimental to the interests of the exporting community from across all industries.
They want the government to take steps to stop this practice and that the government should clearly differentiate between productive investment and international speculation with the national currency of the country.
One wool exporter says that since mid-March the Kiwi dollar has gone up 46 percent and seriously undermined gains that should have ended up in farmers' pockets.
Wool prices paid to farmers have increased slightly on average since March, but the appreciation of the Kiwi dollar has wiped out the gains that would have accrued to the wool growers and exporters and could have helped them earn $1 per kg more.
This in turn makes the New Zealand wool more expensive, when compared with those in other countries, which also has the potential to take the business away from the country, adds the expert.
They want the government to take steps to stop this practice and that the government should clearly differentiate between productive investment and international speculation with the national currency of the country.
One wool exporter says that since mid-March the Kiwi dollar has gone up 46 percent and seriously undermined gains that should have ended up in farmers' pockets.
Wool prices paid to farmers have increased slightly on average since March, but the appreciation of the Kiwi dollar has wiped out the gains that would have accrued to the wool growers and exporters and could have helped them earn $1 per kg more.
This in turn makes the New Zealand wool more expensive, when compared with those in other countries, which also has the potential to take the business away from the country, adds the expert.
Fibre2fashion - News Desk, India
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