HS Code:
The 'Finer than 58s' category typically refers to high-quality wool or woolen products, classified under the Harmonized System (HS) Code related to wool fibers or yarns finer than 58s count. This category includes raw wool, wool tops, and yarns that are used primarily in the textile industry for producing premium fabrics and garments. The fineness of the wool (measured in 's' count) indicates a higher quality and softer texture, often used in luxury apparel and high-end fashion. Global trade in this category is influenced by factors such as sheep breeds (e.g., Merino), climate conditions for wool production, and demand for sustainable and natural fibers.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 450 million
37.5% of total trade of total trade
Increasing
USD 300 million
25.0% of total trade of total trade
Stable
USD 200 million
16.7% of total trade of total trade
Increasing
USD 100 million
8.3% of total trade of total trade
Decreasing
USD 80 million
6.7% of total trade of total trade
Stable
Average Rate
5.2% ad valorem
Highest Rate
15% (applied by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements such as EU-Australia trade deals)
Rising demand for sustainable and organic wool
Increased focus on eco-friendly production methods has boosted demand for finer wool from certified sources, benefiting exporters like Australia and New Zealand.
2021-2022
Shift towards luxury fashion markets
Growth in high-end fashion sectors in Europe and North America has driven demand for finer wool, leading to higher export values despite stable volumes.
2020-2022
Impact of climate change on wool production
Adverse weather conditions in key producing regions have led to supply constraints, increasing prices and affecting trade volumes.
2019-2022
Negotiations for a free trade agreement between Australia and the European Union have advanced, with potential tariff reductions on wool exports, including finer than 58s category products.
June 2023
Expected to increase Australian wool exports to Europe by reducing costs for EU importers.
China has expanded its wool processing facilities, leading to higher imports of raw finer wool for domestic textile production.
March 2023
Boosts demand for raw wool from countries like Australia and New Zealand, potentially increasing trade volumes.
Several importing countries in Europe have introduced mandatory sustainability certifications for wool products to ensure ethical and environmentally friendly production.
January 2023
May pose challenges for smaller exporters without certification infrastructure, while benefiting established players with sustainable practices.