Demand for British wool growing
The wholesale price of British wool is climbing, thanks to strong demand from the carpet industry and China.
Britain's sheep farmers were badly hit by the economic downturn as plummeting demand for their produce forced wool prices down, but the situation began to improve for them in the first half of 2013.
Malcolm Corbett, the chairman of the British Wool Marketing Board (BWMB), said that since then almost every kilo of wool available at auctions had been sold and, as a result, prices had risen.
He explained that market conditions and rising prices were being influenced by growing confidence in the economy, both at home and overseas.
"Demand for British wool has traditionally been largely driven by the carpet market and an upturn in the housing market is helping increase demand," said Mr Corbett. "But the strong demand from the market in China is also having an impact on the interest and the demand shown in our product."
The popularity of wool is not restricted to produce from British sheep farmers, as the price of Australian wool is also rising thanks to demand from China, India, Egypt and Europe.
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