The latest data from the Australian Bureau of Statistics on Australia’s wool exports shows that Australian wool exports fell in March by 3% in volume terms but increased by 16% in value terms compared with March 2017. The decline in volume was driven by a 6% drop in exports to China. There was also a fall in exports to South Korea and Taiwan. The volume of exports to other countries increased in March. While the volume change was variable, the value of exports to all of the major destinations increased. For the 2017/18 season to March, Australia’s exports were 7% higher by volume and 25% higher in value terms than for the same nine months of 2016/17. The volume of Australian exports remains at low at around 350 mkg greasy. It has remained in the 320-400 mkg range for the better part of the past 10 years. This is not a surprise as production has remained at around the same level for the past decade. The picture is very different when looking in value terms either in A$ or US$. The value of exports in A$ has surged to heights not seen since 2003, while the US$ value are up to the levels of 2011. They are both well below the peaks seen in 1988 when production was more than double the current levels.
Further details including a table of Australia’s wool exports by major destination country and a chart showing the trends in total Australian wool exports by volume, A$ value and US$ are provided in the full version of the NCWSBA Weekly Newsletter, available to NCWSBA members.