Prices of Australian wool are forecast to rise as workers return to office again, shows a new report by agricultural bank Rabobank. Demand for office wear will revive driving wool prices further, adds the report Dennis Voznesenki, Agricultural Analysts, Robobank, says, imports of woolen suits have returned to pre-pandemic levels in France. The bank forecasts the Australian benchmark merino wool price will trade, on average, between $13.50 and $15 per kg in 2022, up seven per cent on the 2021 average.
Government data shows Australia’s import of wool increased 39 per cent to 317 million kg of during the January to November 2021 period. Peter Morgan, Executive Director, Australian Council of Wool Exporters and Processors, says, the wool sector is still reeling from the initial 'kick in the guts' as a result of the pandemic.
