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Rates for cowhides are the lowest for the second consecutive year as tanneries say they adjust prices according to the global leather market trends in the country.
This year, Bangladesh’s tanners buy cow hides at BDT50-55 (US$0.64-0.70) per square foot in Dhaka, and BDT40-45 (US$0.51-0.57) in the rest of the county, lowering the rate for the second consecutive year.
Last year rates for cow hides were BDT70-75 (US$0.90-0.96) in Dhaka and BDT60-65 (US$0.77-0.99) in other parts of the country.
Rates for goat hides are also lower but rates for buffalo hides have remained the same.
Shaheen Ahmed, President of Bangladesh Tanners Association (BTA), told local media “the rates have been cut considering lower rates in the international market”. He said currency devaluations were also to blame for the drop in exports of finished leather, with both the euro and the Chinese yuan having depreciated by 30% and 4%, respectively, in recent months. According to Ahmed, 40% of raw hides bought during last Eid-al-Adha are still unsold and international buyers have cut prices by 35%. “Under these circumstances, we will lose buyers if we can't reduce our production cost”, he added.
However, seasonal traders have expressed their discontentment and say some tanneries are forcing prices further down after Eid-al-Adha, not even offering the prices set by the relevant associations.
Meanwhile, there are now fears that the fresh hides will turn into waste without proper preservation. Parallel to this, threat of large-scale smuggling to India continues. Read more here.
Sources: Bdnews24.com, The Daily Star, The Financial Express