CHATTOGRAM: The seasonal traders who collected raw hides here at low prices during Eid-ul-Azha last month, sold their unsold 0.1 million pieces of hides last week, finally getting rid of a large quantity of the raw material they were preserving at storages spending a lot of money to prevent the perishing.
The traders had incurred huge losses with the 0.1 million pieces of unsold hides, stacked at leather godowns in the port city in the last one-and-half months with bills for the storing going up beyond their affordability to pay amid a significant decline in the demand for the COVID-19 pandemic and other crises.
Besides, their losses were multiplying day by day with nonpayment of dues to them during the long period by Dhaka-based hides traders who bought raw and salted hides from them on and after the Eid day.
Mohammed Moslem Uddin, former president and incumbent adviser of Chittagong Leather Arothdar Samity, said: "The seasonal traders were suffering losses with their unsold leathers after this year's Eid. However, their mounting losses have been halted with purchase of the hides by tanneries last week."
Abdul Kader, the president of the Samity said, "We have collected around 0.5 million (5.0 lakh pieces) of raw and salted hides in the current year. A sizable portion if the perishable item remained unsold for well over a month. But, in the last week all the raw leathers were sold. So, there is no need to preserve the raw material now."