Itochu move good and bad

12 Sep, 2007 09:00 PM
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WEST Coast Wools director Brad Faithfull is confident the WA wool industry can absorb Itochu’s trade when it closes wool trading offices in Australia.

He said Itochu’s exit from the wool industry would provide WA buyers with greater opportunities in the global market.

“While it’s disappointing to see a big consortium like Itochu leaving the industry, with the downturn in wool production, the loss of Itochu and their business volumes can be absorbed by existing exporters,” he said.

But Wandering woolgrower and WAFarmers wool council president Max Watts said it was a huge disappointment such a long-standing company was leaving the industry.

“Itochu has been such a dominant force and naturally it would be a concern for woolgrowers with now less competition in the market,” he said.

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