Imports of raw wool sets new record in 2007
Source: Australian Wool Innovation Limited Date: 2008-03-18
Amidst mid-year thoughts that there would be constraints on China's imports of raw wool due to high utilisation of import quota and environmental problems, China's imports of raw wool and top lifted in 2007. Imports rose in 2007 to the highest level of imports by China on record, exceeding the most recent high of 2001.
The rise in total imports of raw wool and wool top was due mainly to a strong lift in imports of scoured wool and a more modest rise in imports of greasy wool. Greasy wool accounted for over 3/4 of China's raw wool and top imports in 2007.
In contrast, China's imports of wool top fell moderately in 2007, the lowest level since 2001.
Even though there was strong growth for the full 2007 year, China's raw wool and top imports actually slowed between August and December 2007, with continuous year-on-year declines over the period.
It is not surprising that higher raw material imports resulted in increased early stage processing activity. China continues to be both the world's largest processor and exporter of wool top with substantial rises in wool top exports to Europe and also to most other geographic regions where domestic suppliers have been in long term decline.
