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China lifts import quota on Australian wool


China has lifted import quota on Australian wool, reported The Australian Broadcasting Corporation (ABC) citing Australia's Department of Foreign Affairs and Trade. China takes a third of Australia's exports however, rising diplomatic tensions between the two counties have seen China clamp down on imports of a number of Australian commodities such as barley, wine and timber.

Australia has been a leading voice calling for an independent inquiry into the origins of the novel coronavirus and, partly because of this, has seen its relations with China sour. The ABC reported the quota will increase to just over 38,000 tonnes, up from around 36,000 tonnes in 2020. It also reported that New Zealand's import quota to China remains unchanged. Australia controls 90 per cent of global fine-wool exports, where prices are largely driven by Chinese wool mills and Italian garment makers.