Wool may return as NZ's top export item - Expert

20 Jan '12

2 min read

Wool from New Zealand has the potential to make a comeback as one of the country's leading export items, according to an expert.

In the past, wool contributed around 25 percent to total export earnings of New Zealand. However, in recent times, due to increased usage of synthetic and oil-based fibres, wool exports have drastically reduced and they now account for only 2 percent of New Zealand's total export revenues.

During January-November 2011, New Zealand's wool exports earned NZ$ 799 million, up 31.5 percent year-on-year. This makes wool the 14th largest export item for New Zealand, in terms of value, as per Statistics New Zealand.

The country's wool exports can grow manifold if wool growers can overcome hurdles, experts say.

They add that wool is a natural and renewable fibre, and with growing amount of global consciousness for eco-friendly products, adopting proper promotion and marketing strategies can boost its exports.

Secondly, the world economic power is shifting to countries like China and Russia, which prefer high-quality wool over synthetic, oil-based fibres. This increases the chance of exporting more wool to these countries.

Currently, China is the largest importer of New Zealand's wool and its imports are more than the combined imports from the next five New Zealand wool importing countries, viz. UK, Italy, India, Germany and Australia.

Fibre2fashion News Desk - India