Islamabad: Donkey prices in Pakistan have surged to PKR 300,000 per animal due to rising demand from China where donkey hides are used in cosmetics and medicine production, media reports said.
The sudden increase in prices has resulted in a significant decrease in local buyers at markets like the popular Lehari donkey market in Karachi.
The primary reason for the price hike in the market is attributed to China's increasing demand for donkey hides.
'Donkey hides are utilised in a variety of cosmetic products, and a traditional Chinese medicine known as "e jia" is also produced from these hides, ' the Express Tribune reported.
The surge in demand has made donkeys a lucrative commodity, particularly for those looking to export hides to meet Chinese requirements.
Due to the soaring prices, local customers are finding it increasingly difficult to afford donkeys, which has resulted in fewer buyers in markets that once saw high demand from local businesses, the reports said.
The rising costs reflect the global demand for natural resources in cosmetics and pharmaceuticals, which has trickled down to influence domestic markets in Pakistan.
With no signs of this demand slowing down, prices are expected to remain high.
According to reports, in June 2023, Pakistan had approved the export of donkey hides to China, alongside other goods such as cattle, dairy products, and chillies.
The federal cabinet gave its consent through a circulating summary to sign four protocols with China, aiming to formalise and regulate the export of these items.