Aussie Wool Industry
Eyeing Asian Worries

CANBERRA, Australia —(AP)— Primary Industries Minister John Anderson on Friday talked down chances of a wool industry collapse, saying the Asian currency crisis was serious but not catastrophic.

Anderson said agricultural exporters were being encouraged to diversify and look at a variety of destinations, particularly the Philippines and China.

Asked about the impact of the Asian currency crisis on the wool industry, he said: "It's serious but it's not catastrophic; there's no reason to believe that there's going to be a total collapse of the wool market.

"The only tragedy of it is it's come at a time when recovery in the wool industry was really beginning to flow effectively."

Meanwhile, wool exporters said a last-minute upturn in wool prices last week raised hopes that buyer confidence eroded by the Asian crisis was picking up.

The eastern market indicator fell 10 cents (6.8 U.S. cents) to close at 6.19 Australian dollars (U.S. $4.21) a kilo (2.2 pounds) after auction sales at Goulburn, Melbourne and Fremantle.