Eidul Azha generates economic activity of billions

As many as 5.860 million animals, including 2.0 million cows, 3.0 million goats, 0.8 million sheep and 0.06 million camels, have been scarified as part of Eidul Azha

By Munawar Hasan
June 20, 2024
A representational image showing sacrificial animals at a makeshift cattle market established ahead of Eidul Azha. — PPI/File

LAHORE: On the occasion of Eidul Azha 2024, approximately 0.5 million fewer animals have been scarified, and approximately 35 percent of skins and hides are said to be spoiled as a result of extreme heat and loadshedding, according to a seasoned member of the Pakistan Tanners Association (PTA).

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As many as 5.860 million animals, including 2.0 million cows, 3.0 million goats, 0.8 million sheep and 0.06 million camels, have been scarified as part of Eidul Azha celebration against last year’s count of 6.660 million animals, said Agha Siaddain, the former chairman of the PTA here on Wednesday. A reduction of about 0.5 million goats has been assessed this year against the last year’s level while remaining tally of sacrificial animals are estimated to be the same, said Siaddain.

An upsurge in price of sacrificial animals have been witnessed in the just-concluded celebration. Resultantly, total value of sacrificial animals swelled to Rs494 billion, despite relatively fewer slaughtering this year, against last year’s level of Rs421 billion.

Average price of cow registered a jump of Rs25,000 to Rs150,000 on the eve of Eidul Azha 2024, goat price escalated by Rs5,000 to Rs50,000, sheep price increased by Rs10,000 to Rs40,000 while camel price sustained at last year’s level of Rs200,000, he added.

The total value of skins and hides demonstrated a declining tendency this year. Owing to multiple factors including downward trend in international hides market, the value of skins and hides have been assessed at Rs4.670 billion this year against last year’s Rs5.017 billion.

Mainly owing to increase in live animal price, the business of sacrificial animals and their skins and hides reached Rs500 billion this year in contrast to last year’s value of Rs376 billion, said former chairman PTA.

On the back of heatwaves and ongoing electricity loadshedding, approximately 35 percent of the skins and hides, valued at Rs1.75 billion, are said to have been spoiled during Eid days this year.

Casing industry would fetch Rs1.50 billion this year on account of offal business comprising the entrails and internal organs of animal, which is used as food.

The livestock sector plays an important role in the country’s economy. The sector has maintained steady growth in 2023-34, increasing by 3.89 percent, slightly higher than its growth in the previous year. This indicates sustained and stable performance in livestock production.

According to the Economic Survey 2023-24, animal husbandry is a cornerstone of Pakistan’s rural economy, with more than 8 million rural families deeply engaged in livestock production. This sector is a vital lifeline for these families, contributing significantly to their livelihoods by accounting for around 35-40 percent of their total income.

In the broader economic landscape, the livestock sector has solidified its position as the primary driver of agricultural growth, comprising approximately 60.84 percent of the agricultural value added and 14.63 percent of the national GDP during FY2024.

The gross value addition of the livestock sector has shown an increase, rising to Rs5,804 billion in 2023-24 from Rs5,587 billion in 2022-23, marking a growth rate of 3.9 percent. Moreover, the sector’s net foreign exchange earnings make a meaningful contribution, accounting for approximately 1.6 percent of the total exports in the country.

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