China continues to be the biggest purchaser of Australian wool. A recent data released by the Australian Wool Exchange reveals that, three-fourth of the wool manufactured in the country is shipped to China. More over, China procures around 90 percent of Australia's sheep-skins.
According to Bill Cowley, an official of the Australian Wool Network, the logic behind bulk exports of wool to China is that, the Chinese have always been the leading buyers of wool.
Nevertheless, with increasing difficulties to carry on business in European countries, due to the ongoing financial crisis, many countries, which formerly procured their processed wool from Europe, have now set up their mills in China, informed Cowley.
As per the data, there has been a rise of 568 percent in the exports of Australian wool to Taiwan, while its sales to Malaysia have increased by 253 percent.
Fibre2Fashion News Desk - India