12 December 1997

NZ wool knocks UKs

CHEAP New Zealand wool is undermining sales and prices of the British product.

"With the present 7.5% differential between our prices and those of New Zealand, we cannot expect to go on achieving the clearances of 90% and more that we were averaging a month or so ago," Ian Hartley, managing director of the British Wool Marketing Board, told journalists on Tuesday.

"As New Zealand wool becomes cheaper and more competitive, the next few sales could be very difficult with a reduction in prices."