THE HIDE REPORT
Pakistani hide prices plummet 50 percent
The prices of raw hides and skins of sacrificial animals crashed, as this Eid-ul-Azha witnessed the lowest ever rates due to the ongoing COVID-19 pandemic. In addition, muggy and rainy weather quickly damaged the hides.
Hides of cows, calves and bulls traded at an average price of Rs600/hide ($3.60) across the country. The price ranged between Rs400 and Rs800 per hide in the different markets, as compared to last year’s average rate of around Rs1,400 during Eid.
Pakistan Tanners Association (PTA) former chairman Agha Saidan said big tanners backed out from buying due to the global recession in the wake of COVID-19 which adversely affected leather product buying globally and brought down its production. Many tanneries closed their operations due to COVID-19, while exports of leather products were adversely affected.
“The tanneries are already holding carryover stocks of previous years too and facing liquidity issues as well,” Agha said.
According to the tanner
