1 Aug 2012

Majority of NZ wool exports still traded in US dollars

6:32 am on 1 August 2012

Beef + Lamb New Zealand's Economic Service says the majority of wool exports continue to be sold in US dollars.

In the financial year ending June 2012, 72% of all wool traded sold in US dollars.

Executive director Rob Davison says only 19% of wool is traded in the euro.

He says China is New Zealand's major wool export market and in terms of volume about 50% of New Zealand's wool exports went to China this year and by value about 52%.

Mr Davison says China's currency is fixed against the US dollar and the euro has been weakening against the New Zealand dollar, which makes sales in euros converted to New Zealand dollars more expensive.