According to New Zealand media reports, due to increased demand from China’s garment manufacturing industry, the price of New Zealand lamb wool recently hit a three-year high.
According to reports, at last week’s North Island wool auction, the price of lamb wool rose by 10% to 6.1 Singapore dollars/kg, which was equivalent to the high price in January 2012.
Analysts believe that the increase in lamb wool trading volume means that the current demand for wool is greater. Since the Singapore dollar exchange rate has fallen by 5% this year, hitting the bottom in the past three years, it is very beneficial to New Zealand wool exports.
New Zealand wool is the country’s 14th largest export product, and the peak wool production season is from December to early February.
