China becomes largest importer of New Zealand wool

China has now become the biggest importer of New Zealand wool with the country’s imports accounting for nearly half of all wool exports from New Zealand.

On the other hand, the share of wool exports from New Zealand to the European market has declined by 14.5 percent compared to last season, John Dawson, President of Wool Exporters Council, said.

He said the growing strength of China as the world’s leading textiles producer along with the problems in the eurozone have resulted in a marked change in where New Zealand’s wool is sold.

He revealed that China’s share in New Zealand’s wool exports has risen to 47 percent, while that of EU has fallen to 31 percent.

Wool exports to China continue to rise and it has consumed 15.4 percent more wool this year compared to last season, Mr. Dawson said.

New Zealand’s wool exports to Australia have also plunged by 75 percent over last season, he informed.

In the year to the end of January 2012, New Zealand’s total wool exports declined by 8 percent year-on-year in terms of volumes, but they were up 28 percent y-o-y in terms of value due to higher prices.