Undeterred by the strong Australian dollar, Chinese buyers are snapping up Australian wool after Beijing lifted this year’s wool import quota – a rare positive sign amid frayed relations between the two countries.
The development sparked hopes in some quarters that it could signal the start of a recovery in relations, but some analysts have downplayed its broader significance, noting that China was just complying with the terms of the two countries’ free-trade agreement
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In the year’s first Australian wool auctions, held last week, China textile makers and wool processors led the way in purchases despite a strengthening Australian currency, according to wool-supply-chain research group Australian Wool Innovation (AWI).
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