New Zealand wool sector revival
New Zealand's wool industry is experiencing a rare revival after decades of decline, with wool prices and demand increasing due to rising global demand for natural fibers and higher oil prices. For the first time in about six years, wool is generating profit for farmers, helped by a tight global wool supply and demand from major brands. Prices at recent auctions reached their highest levels in 15 years, though market volatility remains. Industry experts are optimistic about the industry's long-term prospects, citing increased demand within key markets like India and renewed cultural appreciation for wool.
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