China: Wool Market 2024

Wool Market Size in China

In 2022, the Chinese wool market was finally on the rise to reach $X after two years of decline. Over the period under review, consumption, however, showed a slight shrinkage. Wool consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Wool Production in China

In value terms, wool production totaled $X in 2022 estimated in export price. In general, production, however, showed a noticeable setback. The pace of growth appeared the most rapid in 2019 when the production volume increased by 102% against the previous year. Wool production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Wool Exports

Exports from China

In 2022, shipments abroad of wool increased by 0.8% to X tons, rising for the second consecutive year after two years of decline. In general, exports, however, recorded a abrupt downturn. The growth pace was the most rapid in 2021 with an increase of 19%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, wool exports dropped to $X in 2022. Overall, exports, however, continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 25%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The UK (X tons), Nepal (X tons) and Japan (X tons) were the main destinations of wool exports from China, with a combined 58% share of total exports. South Korea, Denmark, Germany, Australia and Belgium lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2022, the biggest increases were recorded for Denmark (with a CAGR of +7.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) remains the key foreign market for wool exports from China, comprising 36% of total exports. The second position in the ranking was held by South Korea ($X), with a 13% share of total exports. It was followed by Nepal, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan totaled -1.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (-16.8% per year) and Nepal (-10.5% per year).

Export Prices by Country

The average wool export price stood at $X per ton in 2022, dropping by -6.7% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average export price increased by 11%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Denmark ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Nepal (+1.7%), while the prices for the other major destinations experienced mixed trend patterns.

Wool Imports

Imports into China

In 2022, overseas purchases of wool increased by 23% to X tons, rising for the second consecutive year after two years of decline. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 48%. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, wool imports expanded to $X in 2022. In general, imports, however, recorded a deep slump. The most prominent rate of growth was recorded in 2013 when imports increased by 15% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

Mongolia (X tons), New Zealand (X tons) and Turkey (X tons) were the main suppliers of wool imports to China, together accounting for 63% of total imports. The UK, Russia, Kazakhstan, Algeria, Uruguay and Australia lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2022, the biggest increases were recorded for Algeria (with a CAGR of +73.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, New Zealand ($X), Mongolia ($X) and Turkey ($X) appeared to be the largest wool suppliers to China, together accounting for 62% of total imports. The UK, Uruguay, Kazakhstan, Australia, Russia and Algeria lagged somewhat behind, together comprising a further 34%.

In terms of the main suppliers, Algeria, with a CAGR of +56.6%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average wool import price amounted to $X per ton, reducing by -15.8% against the previous year. Overall, the import price showed a abrupt decline. The pace of growth appeared the most rapid in 2018 an increase of 2.1%. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Algeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uruguay (-2.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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