Wool report: 2020 a rough year for the industry

PGG Wrightson's GM for Wool Grant Edwards. Photo / Supplied

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This week The Country's Jamie Mackay is joined by PGG Wrightson's Grant Edwards to look at the wool market this month and wrap up the wool report for 2020.

Mackay said it has been a disastrous year for wool growers. Edwards agreed and added that they've had a tough finish for the year.

The formation of the Strong Wool Action Group had been able to aid the industry, with every dollar invested into the group, leveraging NZ$4 out of The Ministry for Primary Industries (MPI), Edwards said.

Mackay asked why wool had been more adversely affected by Covid-19 compared to other primary sectors.

Edwards said a lot of New Zealand wool products ended up in retail stores overseas, and this had been greatly impacted with limited import and export opportunities.

However, there was a bright cloud on the horizon in 2021 as access to the Covid-19 vaccine was expected, Mackay said.

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Mackay asked if we got on top of Covid-19 in the next 6-12 months, would there be growth in the wool industry. Edwards acknowledged that the current climate was not sustainable, particularly for stand-alone wool or crossbreed wool.

Edwards remained confident that when the world woke up to how great a product wool was, then there will be a massive turn around in the market.

Mackay wished the market well for 2021.