Low prices of hides of sacrificial animals on Eid ul Adha has left leather traders distressed.
According to details, the low demand for raw leather in both local and international markets has resulted in the prices of animal skins to nosedive to a record low.
A goatskin is being traded for between Rs. 100 to 200 and cowhide is being sold for between Rs. 600 to 700 while sheep and camel hides are being retailed at similar prices.
Chairman Pakistan Tanneries Association (PTA), Afzal Hussain, has said that cowhide was traded for Rs. 1,500 last year during Eid-ul-Azha.
However, the price this year has decreased to Rs. 600, despite a record increase in collective sacrifice, recording a 60% decline in year on year.
PTA Chairman added that it is impossible to put an end to the freefall in the prices of animal hides without increasing the exports.