Rising demand to positively impact Australian wool exports: TexPro

26 Jul '21

1 min read

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Australian wool exports are expected to grow in the current season (July 2021-June 2022) as wool demand from China is on the rise. Demand from countries like India, Italy and Czech Republic has also shown a strong growth. The global demand is rising as countries recover from the COVID-19 pandemic and vaccination rates rise across the world.

Australian wool exports dropped from $2,754 million in wool selling season 2019-20 to $2,563 million in 2020-21 due to the COVID-19 pandemic. However, exports are expected to grow by 20.72 per cent to achieve the mark of $3,000 million in the current season, according to Fibre2Fashion’s market analysis tool TexPro.

In the second half of the previous season (2020-21), Australian wool exports to China rose considerably. The demand from China majorly impacts the export growth of Australian wool as the Asian country accounts for more than 80 per cent of the total Australian wool exports, according to the Australian Bureau of Statistics (ABS).

The Merino fleece and skirting markets were strongly led by local traders and Chinese competitors. Chinese indents and some top makers focused more on stocking as prices dropped. The European top makers dominated the crossbred segment.

Fibre2Fashion News Desk (KD)

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