Trade of raw wool soars with high CAGR

Further, total trade of wool is anticipated to reach $12,720.44 mn in 2021 with a CAGR of 9.32 per cent from 2018, according to market analysis. The global export of wool was $3,909.30 mn in 2016, which increased by 16.42 per cent to $4,551.09 mn in 2018. Total exports moved up by 3.56 per cent in 2018 over the previous year and is expected to reach $5,716.64 mn in 2021 with a CAGR of 7.90 per cent from 2018.

The global import of wool was $4,230.24 mn in 2016, which boosted by 22.35 per cent to $5,175.50 mn in 2018. Total exports rose by 12.63 per cent in 2018 over the previous year and is expected to reach $7,003.80 mn in 2021 with a CAGR of 10.61 per cent from 2018. Australia ($2,939.17 mn), South Africa ($397.97 mn) and the New Zealand ($384.18 mn) were the key exporters of wool across the globe in 2018, together comprising 81.77 per cent of total export. These were distantly followed by the UK ($157.14 mn), Uruguay ($103.48 mn), Spain ($91.80 mn) and Turkey ($56.89 mn).

From 2013 to 2018, the most notable rate of growth in terms of export, amongst the main exporting countries, was attained by South Africa (30.02 per cent) and Australia (16.24 per cent). China ($3,191.88 mn), Italy ($598.13 mn) and India ($316.13 mn) were the key importers of wool across the globe in 2018, together comprising 79.34 per cent of total import. These were followed by the Czech Republic ($245.82 mn), UK ($178.03 mn), South Korea ($102.27 mn) and Uruguay ($66.19 mn). From 2013 to 2018, the most notable rate of growth in terms of import, amongst the main importing countries, was attained by Italy (134.55 per cent) and China (16.31 per cent).