Wow, who knew that wool was such big business. I mean, I love the merino, but had know idea how important the wool industry is to the Australian economy. As my research on merino is progressing I found an interesting site dedicated to the Australian wool industry and inside it has tons of information on how the wool market is progressing and an outlook for 2011. I will post a link at the end of the page, but here are some fascinating stats.
One Australian new site posted the following headline, “Golden era ahead as wool prices start to soar”. Apparently part of the issue is related to long term drought and other weather related issues in Australian that are causing potential long term shortages of wool, which in turn is causing Chinese buyers to scoop up wool in larger quantities.
The fabric types that have seen the largest jump are the fines micron fibers such as the 18-23 micron range which according to one analyst has hit the highest price in terms of US dollars in over 60 years!!!
Yikes….I know this is a great thing for the wool farms and the Australian economy, but I wonder what this means for the end consumer? Should we be stocking up on our favorite brands like Smartwool, Icebreaker, I/O Bio?
If you are interested in more info on the Australian wool market I encourage you to head over to Wool.com to learn more.