LONDON--(EON: Enhanced Online News)--As one of the largest producers and exporters for wool, Australia’s wool industry has a promising future thanks to the country’s increased production and increasing demand from the global market. Details about the growth in Australia’s wool production, wool exports and wool prices are some of this week’s featured stories on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to discover high quality leads, contact prospects, and source quotes. Register today to connect with over seven million companies around the globe.
Australia’s Wool Production Expects Further Growth in 2017
Australia’s wool production is expected to grow to 332 million kilograms (mkg) greasy in the 2016/17 financial year, representing a 2.2% increase from its previous season, according to the latest forecast from The Australian Wool Production Forecasting Committee (AWPFC).
Wool is produced in all Australian states except the Northern Territory. New South Wales produces the greatest volume of wool, followed by Victoria, Western Australia and South Australia. In 2014-15, it is estimated that over 70 million sheep were shorn in Australia.
Australia’s wool exports set to reach AUD 3 billion
Australia exported 154 million kg of wool valued at AUD 1,462 million for the period of July to December 2016, representing a 7.25% year on year increase in terms of volume, and 11.6% growth in terms of value. Based on this six-month figure, the total value of Australia’s wool exports is very much likely to surpass the AUD 3 billion mark by the end of current financial year of 2016-17.
Currently, China is the largest market for Australia’s wool exports. In terms of volume, wool exports to China account for over 77% of total Australian wool exports in the first half of 2016-17.
Australia’s wool prices reach a record high
The price of Australian wool, as represented by the Eastern Market Indicator (EMI) reached 1,437 ac/kg in February 2017, marking the highest monthly EMI since the Australian Wool Exchange (AWEX) began in 1994, as reported by AWI Market Intelligence.
The price of wool is currently much higher than other competitive fibres such as acrylic, nylon, polyester and even cotton, which reflects the fact that the demand of wool in the global market is growing, and consumers around the world are willing to pay more for wool as a premium natural fibre compared to others.
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