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China good market for Australian wool

01
Jun '12
The growing demand for wool in China is heartening news for the Australian wool industry, according to a report released by the Australian Wool Innovation Limited (AWI).

The study says the spending by Chinese urban consumers on clothing items is likely to grow at 12.5 percent year-on-year by 2020.

It also cites a 10-year plan recently approved by the China National Textile and Apparel Council to raise the country's textile and apparel exports by seven percent annually.

The AWI report states that Chinese domestic spending on apparels surged 19.5 percent in April this year over the same month in 2011.

Quoting figures from China's National Bureau of Statistics, the report further says that Chinese domestic spending on garments has leaped on an average at 21.6 percent during July 2011-April 2012 period.

On the other hand, the demand for wool in Europe and North America is unlikely to witness any sharp rise during the coming years.

The AWI report attributes the rise in growth during 2000-2010 period to a shift in production to Asia, which resulted in reduced apparel prices.

The study does not foresee any further upward movement in demand due to falling prices, as there is very little likelihood of any western apparel firm relocating its manufacturing base to Asia during the next few years.

The report concludes that the western markets have matured and demand pattern would be in sync with the economic cycle, whereas the consumption in Chinese domestic market is bound to grow during the coming years.

Fibre2fashion News Desk - India


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