Australia's woolen yarn imports dipped in November 2023, mirroring the previous month's trend. While tonnage remained flat at around 158 tons, the value shrunk to $1.7 million, marking a noticeable contraction. This follows a period of volatility, with the highest monthly growth recorded in March at 20% and August at 28%.
New Zealand remains the undisputed king of Australian woolen yarn supply, accounting for a staggering 68% of total imports with 107 tons in November. This dwarfs the second-largest supplier, India, at just 9.8 tons.
However, even New Zealand's dominance isn't without cracks. Both volume and value growth rates for imports from New Zealand have slowed over the past year, averaging -3.6% and -2.9% per month, respectively.
The type of yarn imported also paints a picture of shifting preferences. Yarn of carded wool, not put up for retail sale, was the clear favorite, claiming a 76% share at 119 tons. This preference for carded wool held true in value terms as well, with $958,000 representing 56% of total imports. In contrast, yarn of combed wool, not put up for retail sale, saw a decline in both volume and value, coming in at 23 tons and $403,000, respectively.
The average import price in November stood at $10,911 per ton, down slightly from the previous month. However, the broader trend has been relatively stable, with the peak price of $13,806 reached in February 2023. Interestingly, significant price variations exist between major suppliers.
In November, China topped the charts with a hefty $21,839 per ton, while Portugal offered the most budget-friendly option at $7,766 per ton. Notably, India was the only major supplier to experience positive price growth in the past year, at +3.8%.
While overall imports are down, specific segments like carded wool remain strong. Additionally, the dominance of New Zealand remains unchallenged, but their growth trajectory is flattening.
Price fluctuations and variations between supplier countries add another layer of complexity. Only time will tell how these trends unfold in the coming months.
