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Losses accumulate as wool export ban prolongs
14 Mar '11
1 min read
South Africa has been required to halt its exports of raw wool due to outbreak of foot-and-mouth disease in livestock in KwaZulu-Natal, which has caused the country's wool industry to lose millions of rands in revenue.
Furthermore, owing to the suspension of last week's auction of 10,848 wool bales worth around R65 million, there are apprehensions that farmers may have lost another R100 million in revenue.
If similar situation persists even in the next selling season, the overall losses for rest of the 2010-11 and 2011-12 season are feared to rise to R2345 billion, which would badly hit the wool trade in the country and throw many wool farmers out of the trade.
Furthermore, owing to the suspension of last week's auction of 10,848 wool bales worth around R65 million, there are apprehensions that farmers may have lost another R100 million in revenue.
If similar situation persists even in the next selling season, the overall losses for rest of the 2010-11 and 2011-12 season are feared to rise to R2345 billion, which would badly hit the wool trade in the country and throw many wool farmers out of the trade.
Fibre2fashion News Desk - India
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