Abstract: This study was conducted to determine trends in annual rainfall oscillations and mohair production in Lesotho between 1935 and 1996. An exponential regression equation of the form LnY = LnA + bx was used to estimate trends. Between 1935 and 1965 Angora goat numbers, mohair production and mohair yield per goat increased (p<0.01) at annual rates of 1.1, 1.9 and 1.1%, respectively. During years of independence (1966-1996) annual goat numbers remained, largely, stagnant (p>0.05) at around one million animals. Mohair yield per goat declined (p<0.01) at an annual rate of 1.2% to around 0.85 kg in 1996. Similarly, mohair production declined (p<0.01) at an annual rate of 1.2% to 970,000 kg in 1996. A long-term (1935-1996) annual rainfall mean of 700 mm was calculated. There were recurrent wet (rainfall above long-term mean) and dry (rainfall below long-term mean) years. However, no clear alternate rainfall oscillations of wet and dry years were observed. It was, thus, difficult to predict years of drought (rainfall below long-term mean) from alternate annual rainfall oscillations. A positive but non-significant (p>0.05) relationship between annual mohair yield per goat (kg) and rainfall (mm) was observed. Policy implications of the results on drought preparedness are discussed.