Woolgrowers can go into 2021 with a degree of optimism with China sticking to plans and increasing its tariff free quota for the import of Australian clean wool.
The increase, in line with its commitment under the Chinese Australia Free Trade Agreement (ChAFTA), will lift five per cent from 36,465 tonnes in 2020 to 38,288 tonnes for 2021.
This quota is part of the scheduled increase of 5pc each year and will continue until 2024 when it will reach 44,324 tonnes.
According to wool industry figures who have welcomed the increase, albeit scheduled, the show of commitment is extremely significant considering current trade tensions.
CEO of Wool Producers Australia Jo Hall said the increase portrayed a level of confidence amongst the industry.