50% of Unsold Wool Purchased by Falklands Govt to Support Farmers

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Sixty seven farms have taken up the offer from Falkland Islands government, FIG, to purchase their wool clip in relation to Covid-19 support for the Agricultural sector.

Some wool producers own more than one farm, “which is why the statistic may appear lower than you might expect” explained Member of Legislative Assembly Teslyn Barkman, who answered a question on the subject responding to MLA Roger Spink in Legislative Assembly last Thursday morning.

The proportion of wool clip being purchased by the Falkland Islands Government is 50% of that unsold (4,198 bales out of a total 8,593 (8,475 produced in 2019/20 and 118 unsold from 2018/19. An estimated 71% of the Falkland Islands wool clip was unsold at the point that the Wool Support Scheme was launched.

Regarding the total cost of the support, the value of the purchase scheme is £2.513m. MLA Barkman said that as of July 16 a total of £1,227,514 has been paid to farm producers.

She said it was expected that all purchases would have been completed by the end of July.

Two wool agents have been appointed to sell the wool purchased under the scheme –

Falklands Wool Growers Ltd and Falkland Islands Wool Co Ltd.

The Department of Agriculture will be working on a sales plan in the coming weeks, as well as storage, in order to ensure there is enough space to accommodate any unsold wool from 2019/20 and any 2020/21 transiting clip she explained.