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Average price of wool apparel imports go up
24 May '07
1 min read
The average price of United States wool apparel imports increased between 2005 and 2006 however, between 2005 and 2006, the value and volume of wool apparel imports into the US both decreased.
The value and volume drop in 2006 can be explained by the fact that imports of wool apparel surged in 2005 with the removal of the United States' quotas on China's textile imports, leading to an adjustment in 2006.
The average price increase for wool apparel imports is linked to higher average price increases in several important source countries. Nevertheless, China, the dominant exporter of wool apparel to the US, has increased its share of the wool apparel imports to the US and its average price has decreased since 2000.
A possible explanation for the increase in wool apparel average prices is that the United States is importing higher quality wool products. A move towards higher quality wool exports to the US, with a higher average price, would be good for wool producers as wool is better able to compete in this market, rather than in the price-sensitive value market.
The value and volume drop in 2006 can be explained by the fact that imports of wool apparel surged in 2005 with the removal of the United States' quotas on China's textile imports, leading to an adjustment in 2006.
The average price increase for wool apparel imports is linked to higher average price increases in several important source countries. Nevertheless, China, the dominant exporter of wool apparel to the US, has increased its share of the wool apparel imports to the US and its average price has decreased since 2000.
A possible explanation for the increase in wool apparel average prices is that the United States is importing higher quality wool products. A move towards higher quality wool exports to the US, with a higher average price, would be good for wool producers as wool is better able to compete in this market, rather than in the price-sensitive value market.
Australian Wool Innovation Limited
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