Australia-Wool market in China.

AUSTRALIA.

WOOL MARKET IN CHINA.

Despite the recent economic downturn and the fall in the price of wool this week, China is still optimistic about the future of the industry and the need for Australian wool.

China are the largest spinners of wool in the world today, when the Australian wool market collapsed in 1990, the Chinese government converted all the synthetic textile mill to take real natural wool.

The government then negotiated the purchase, of the Australian stock piled wool mountain and the rest is history.

Prior to 1990, the majority of the wool went to Turkey and Poland, after the demise of the Yorkshire wool industry in the sixties.

The new low levels of the Australian dollar will help the trade, Patagonia in Argentina are now sending all their wool to China as opposed to Europe.