India's wool imports up 6.3% in 2024

India imported approximately 59,000 tons of wool in 2024, marking a 6.3 per cent increase from the previous year. Over the past decade, wool imports grew at an average annual rate of 3.1 per cent, with notable fluctuations, including a peak growth of 30 per cent in 2020. The upward trend is expected to continue.

In value terms, imports stood at $81 million in 2024, reflecting a decline over the years from a high of $113 million in 2014. The strongest value growth was recorded in 2021 at 23 per cent.

New Zealand (13K tons), China (11K tons), and Syria (11K tons) accounted for 65 per cent of total imports, with Turkey showing the highest growth rate at 18.4 per cent CAGR. In value, New Zealand led with $32 million, followed by China ($12M) and Syria ($10M).

The dominant import type was degreased, non-carbonized wool (51K tons), making up 87 per cent of total imports. Prices fell 8.1 per cent in 2023 to $1,439 per ton, continuing a long-term decline from the 2014 peak of $2,612 per ton. Australia had the highest import price at $7,145 per ton, while Iran had the lowest at $363 per ton.