Australian wool market is looking out for potential market for their wool, with Europe, Korea and Japan taking only a small portion of their clip. Australian wool market is working out marketing strategy with an aim to provide their farmers with good return and expand the demand for the fibre. At present, China receives around 80 percent of their wool clip, they are working on reducing their dependence on China.
In search for potential market for wool, AWI looked at Thailand, Malaysia, Cambodia and Indonesia but found Vietnam a logical choice, as it already has a well-established textile industry, there is plenty of water which is needed in scouring and dying and it has a stable economic and political system. Labour costs are also favourable and there is a strong work ethic.
The aims of the AWI â€˜Out of Vietnamâ€™ project that started nearly two years ago has been to source new manufacturers for Australian wool products. Last month, as part of the Australia Wool Innovations (AWI) â€˜Out of Vietnamâ€™ project, 20 Vietnamese textile manufacturers comprised for sweater, sock, underwear and accessory manufacturers visited Australia to see actually how wool is grown, tested and traded. As most of them had not seen a sheep before, let alone seeing how merinos were farmed.
They visited the Australian Wool Testing Authority and wool auctions in Melbourne as well as a visit to farms including AWI chairman Wal Merrimanâ€™s Boorowa property. Here, for the first time in their lives, these Vietnamese manufacturing executives saw and felt wool on the sheepâ€™s back.
AWIâ€™s value proposition to the Vietnamese manufacturers is to teach them firstly how to produce high value products made from Australian wool. Then introduce them to potential new customers who can pay a higher price.
The 20 Vietnamese business leaders who visited Australia a fortnight ago were very positive about their new venture into wool garment and fabric manufacturing and the resultant export sales.
In future, AWI is looking at establishing raw wool scouring and top making enabling greasy wool to be sold and exported direct to Vietnam from Australia.
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