At the organization’s annual general meeting, Colette Garnsey, Chairman, Australian Wool Innovation (AWI), informed wool prices are seeing a rebound on the back solid underlying support. For the week ended November 20, the benchmark Eastern Market Indicator declined by 24 cents to $8.45 after an 18 cent pop to 8.69 a week earlier.
Garsney said, lower wool prices and other factors has resulted in a 45 per cent fall in AWI’s revenue in 2019-20. There remained a significant uncertainty in the global industry in the short term, particularly with large parts of Europe and North America heading back into lockdowns as they head into winter. However, she said the longer-term tailwinds for our fiber are undiminished given its sustainability, traceability, wearability and durability.
Stuart McCullough, CEO, AWI said, the demand for Australian wool overwhelmingly came from one place in 2020–China–although AWI was also pursuing other markets. He said, WI has also pursued an “Emerging Markets” strategy for eight years that has seen an increase in processing and consumption of wool in places including India, Vietnam, Bangladesh and Sri Lanka.