Australian wool production for 2014-15 is expected to fall 3.7 per cent from the 2013-2014 levels. This decrease reflects the reduction in sheep numbers due to the high slaughter rates in 2013-14 even though average fleece weights are expected to increase marginally. Queensland and northern New South Wales shorn wool production is expected to be the most affected due to the ongoing tough seasonal conditions, while South Australia has seen a recovery as a result of the good season in that state.

The average fleece weight is expected to rise marginally. Regionally, the expected declines in 2014-15 wool production for New South Wales, Queensland, Victoria, Western Australia and Tasmania outweigh the expected increase in South Australia. Australia is the largest wool-producing country in the world. Its annual production consistently accounts for over one quarter of the world’s wool. Australia is also recognised as producing the world’s highest quality woolen fiber – Australian merino wool.

The total world wool production is forecast to be down in the coming financial year. Production would drop in Australia, China and New Zealand, three of the major wool- producing nations. The biggest gains would be in smaller wool-producing countries. This would include the UK and Mongolia.