LONDON--(BUSINESS WIRE)--After several years of flat growth or decline for global wool production, the global wool market is finally showing positive signs of gradual recovery for the upcoming fiscal year, thanks to steady growing markets in wool dominating countries such as Australia and China. The latest development of the global wool market, Australia’s wool production and China’s wool consumption are some of this week’s featured stories on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to connect with over seven million companies around the globe.
Steady growth expected for global wool market
After the 1.5% decline in the world’s wool production in 2015/16, things are looking up for the global wool market as the past year brought the highest turnover in the market since 2002, with a total of about USD 2.2 billion.
Meanwhile, demand for fine and superfine wools has been rising, as has the price. Manufacturers are also making innovations in Merino wool fabrics. All these factors should help drive the growth of the global wool market.
Australia remains the world’s largest wool producer
Australia is the world’s largest wool producer, with the value of Australian wool exports in 2015-16 estimated to be around USD 3 billion. By mid-2016, Australia continued its lead with a total wool output of 258 mkg, followed by China and New Zealand.
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, over 70 million sheep were shorn in Australia.
Is China’s dominance on the global wool market weakening?
China is currently the world’s largest wool importer, wool processor and woollen products manufacturer. However, its wool imports and domestic wool industry has declined in recent years, caused by several fronts including slower economic growth, labour shortages, labour cost increases, and industrial over capacity.
Despite the market shrink, China is still expected to continue its leading position in both global wool production and wool consumption for the foreseeable future, thanks to its economic growth and increasing demand driven by the rising middle class.
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