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Article: CHINA QUOTA CALL SHAKES UP GLOBAL WOOL INDUSTRY.
- Article from:
- WWD
- Article date:
- August 7, 2007
- Author:
CopyrightCOPYRIGHT 2007 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Ross Tucker, Patty Huntington
The Chinese government's announcement that the country's wool quota for the year had been filled has taken the global wool industry by surprise and raised concerns there could be sharp increases in tariffs on its raw wool imports.
The Chinese Ministry of Finance & Commerce said July 17 that it was halting applications for wool quota from Chinese importers and mills until September and, as a result, the country said it would impose tariffs that could reach as high as 38 percent for shipments through the rest of the year.
The news had an immediate market impact, with many wool growers withdrawing their wool ...