31 May 2000
Open China boosts NZ wool

NEW ZEALAND wool prices have been given a boost with the return of China buyers, reports the Financial Times.

This follows extensive talks between the countries to overcome obstacles over Chinas reluctance to introduce an acceptable tariff administration system.

During the difficulties which date back to 1997, China slipped from being the dominant customer buying 37% of New Zealand wool, to taking only 16%.

Chinas return saw prices for lambswool rise 17% from NZ$2.97/kg to NZ$3.48 (1.06). Strong crossbreds have risen 9.5%, and fine wools are up 25%.