"Clearance rates at the last two monthly sales in Bradford were much higher than anticipated," Northern Ireland's regional wool board member Ian Buchanan told Farming Life.
"Wool prices have also held up quite well, when compared with earlier predictions. The end result of this is that significantly smaller quantities of wool will be carried over into the new season, when compared with the figures projected back in February. And this is good news for every sheep farmer in the province."
He added: "The weakness of sterling is helping wool exports at the present time. But there's no getting away from the fact that even with this boost the economics of wool production in the UK remains challenging."
The vast bulk of the wool produced locally is destined for carpet manufacture with China now a very large buyer. Initially, it was felt that the downturn in the economy and, in particular, the very strong hit taken by the housing sector would have a very adverse effect on carpet sales in the long term.
"But there is now evidence indicating that, rather than move house, people have decided to renovate and improve their current dwellings," Ian Buchanan further explained.
"Such a trend, if sustainable, could well increase the demand for carpet during the period ahead."
Ian went on to confirm that the Wool Board depot at Muckamore is expecting the first fleeces of the 2009 season to be delivered around the end of May. The facility was recently refurbished at a cost of £340,000.
The Dungiven sheep producer, who is also chairman of the Wool Board's Audit Committee, went on to point out that the organisation remains committed to cutting its administration costs in order to return the best possible wool price to sheep producers.
"These are, indeed, challenging times for the wool industry," he concluded.
"My major concern moving forward is that attempts may be made to devalue the Euro later this year. If this happens it will have an extremely serious knock-on effect for the farming industry as a whole."