New Zealand wool industry rebounds as synthetic costs rise

After decades of decline, New Zealand's wool industry is showing signs of recovery, driven by rising oil prices and global demand for natural fibres. Wool prices hit a 15-year high in June, with crossbred fleeces fetching up to NZ$6.80 per kilogram. Farmers like John Hargreaves are covering shearing costs and making a profit for the first time in six years. A recent trade deal with India is expected to boost exports further.