Home / Knowledge / News / Textiles / Chinese demand pushes up wool prices in Australia
Chinese demand pushes up wool prices in Australia
06
Dec '17
Strong demand from growing affluent Chinese consumers has pushed up Australian wool prices to a record high this season. Wool prices are currently at a high of more than Au$16 per kilogram. Though prices are not as high as they were about five years ago in terms of US dollar, Australian wool growers are earning more due to weaker Australian currency.

As the world’s largest producer, Australia exports wool valued at about Au$3 billion (approx. $2.28 billion). China accounts for over 70 per cent of this value.

Chinese companies use Australian wool for manufacturing a range of products including apparel, sportswear and shoes.  About 60 per cent of all wool imported by China is utilised for making products that are consumed by the Chinese, compared to almost full re-export of wool around 15-20 years ago.

Besides growing Chinese demand, high wool prices are also due to other factors like limited number of Australian suppliers and decreasing wool supply.

The level of optimism that is currently seen in the wool industry has not been witnesses in the past many decades, Australian Wool Innovation (AWI) CEO Stuart McCullough said at the recent annual general meeting (AGM) of AWI.

International marketing campaigns continue to connect more retailers, brands and consumers with Australia's natural fibre, aided by the development of new and innovative fabrics. Moreover, initiatives such as the Merino Lifetime Productivity project, wild dog control and Lifetime Ewe Management help woolgrowers lift their production and profitability, McCullough said.

AWI has recently unveiled WoolQ, earlier called the Wool Exchange Portal, a platform for woolgrowers, buyers, brokers and classers, seeking access to data, selling choices and trading opportunities. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Azerbaijan's Gilan Textile Park raises exports by 40%

Apparel/Garments | On 18th Aug 2018

Azerbaijan's Gilan Textile Park raises exports by 40%

Azerbaijan's Gilan Textile Park has raised its exports by 40 per cent ...

CPD studies living cost of Bangladesh RMG workers

Apparel/Garments | On 18th Aug 2018

CPD studies living cost of Bangladesh RMG workers

The living cost of readymade garment (RMG) workers in Bangladesh...

Brazilian cotton price index returns to April 2018 level

Textiles | On 18th Aug 2018

Brazilian cotton price index returns to April 2018 level

Cotton prices dropped in Brazil in the first fortnight of August as...

Interviews View All

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Manuele Baggini

Comec Italia Srl is a world leader in the production of printing machines. ...

Karan Behal

Karan Behal, founder and chief executive of top-selling brand...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


August 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search