Latest wool export figures confirm that wool prices are holding on to the big gains they made in the past year.
Wool exports from the start of the season in July to October were down by almost 11% on the same period in 2012, but the price per tonne was more than 50% higher.
Beef + Lamb New Zealand's economic service says a significant part of the higher return was due to a more favourable exchange rate, with the value of the New Zealand dollar slipping 20% against other trading currencies compared to last year.
But, taking the exchange rate component out, says executive director Rob Davison, there was still a 20.6% increase in the market price of wool.
He says the lower shipments could be attributable to a wetter spring, which has held things back.
Mr Davison says another factor could be that the high prices of last year encouraged stocks to be rundown, boosting volumes.