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Related Keywords: about Au$3 billion, all wool imported, approx. $2.28 billion, Australia, Australian wool prices, China accounts for over 70 percent of the value, China utilizes 60 percent, Chinese companies use Australian wool, consumed by Chinese, manufacturing a range of products, record high this season, touched wool exports, world’s largest wool producer

Australia, the world’s largest wool producer has touched wool exports at about Au$3 billion (approx. $2.28 billion) of which China accounts for over 70 percent of this value. China utilizes about 60 percent of all wool imported for making products that are consumed by the Chinese, compared to almost full re-export of wool around 15-20 years ago. Chinese companies use Australian wool for manufacturing a range of products including apparel, sportswear and shoes. Strong demand from growing affluent Chinese consumers has pushed up Australian wool prices to a record high this season.

Related Keywords: appetite for high quality fine micron wool, Australian wool prices, doubled in Japan, new market coming up, not deterred Japanese market from buying, over the past year, quality required of highest standard, socks and innerwear, sports apparel

Australian wool prices have doubled in Japan over the past year but it has not deterred the Japanese market from buying. As the quality they require is always of the highest standard, a Japanese wool broker said.

Mike Kuritani from Itochu, one of Japan's largest trading companies, said that demand will remain due to an appetite for high quality fine micron wool from Australia despite the high prices.

He said that in fact a new market is coming up from sports apparel, for socks and innerwear. Hence the overall the demand on wool will not decrease for the next couple of years.