(MENAFN - Arab News) Prices of goat and sheep reached a record high on Saturday, on the eve of Eid Al-Fitr in Saudi markets, according to a report carried by Asharq Al-Awsat, a sister publication of Arab News.
In the beginning of the holy month of Ramadan, prices were normal but as Eid approached, livestock prices witnessed a big hike.
For merchants there are a number of reasons to hike prices. Some of them said the increase in prices of barley and other fodders, has reflected on the price hike.
Expenses of maintaining farms have been going up on a daily basis, while rearing and taking care of livestock till the season is a big task," the newspaper quoted an investor as saying. Whatever may be the reason for the price hike, it falls heavily on the shoulder of consumers.
According to Rajih Al-Wadaani, an investor, rising prices of goat during Eid is quite normal. "At times of festivals, about 10 percent hike is very natural due to high demand. Prices of all commodities, including barley and other fodder products, have gone up. Other expenses such as the wage of shepherds have also increased," he added.
Reports indicate that prices of goat and sheep have not been stable at any time of the year in the market as they always fluctuate. Prices have doubled during the last three years.
Salim Al-Rasheedi, a merchant in the Riyadh market, said the demand for domestic goats is increasing on a daily basis. "This is the main reason for the price hike," he said. He added that most customers like domestic goats more than imported ones.
Among the domestic goats, Nuaimi and Najdi are the most famous having a great demand. Prices of Najdi have reached more than SR 1,800 per animal while Nuaimi is sold for prices ranging between SR 1,550 and SR 1,700.
At the same time, prices of imported goat, like Sawakin reached up to SR 1,000. Barbari, which is the cheapest, is sold for SR 600. "We have to increase the production of domestic goats and sheep. This is the only way to decrease prices," Al-Rasheedi said.
The government is trying to bring down goat prices by increasing the quantity of imported goats. However, prices are still very high.
Muhamed Al-Dossari, another merchant, defended the price hike saying it was essential to offset growing expenses. "Customers do not know about the increase in prices of essential commodities that are required for goat farms. They think merchants are increasing prices without any reason to make money. It is not true," he added.
Saudi- Goat price hikes as demand for meat ups on Eid - middle east north africa financial network - MENAFN
In the beginning of the holy month of Ramadan, prices were normal but as Eid approached, livestock prices witnessed a big hike.
For merchants there are a number of reasons to hike prices. Some of them said the increase in prices of barley and other fodders, has reflected on the price hike.
Expenses of maintaining farms have been going up on a daily basis, while rearing and taking care of livestock till the season is a big task," the newspaper quoted an investor as saying. Whatever may be the reason for the price hike, it falls heavily on the shoulder of consumers.
According to Rajih Al-Wadaani, an investor, rising prices of goat during Eid is quite normal. "At times of festivals, about 10 percent hike is very natural due to high demand. Prices of all commodities, including barley and other fodder products, have gone up. Other expenses such as the wage of shepherds have also increased," he added.
Reports indicate that prices of goat and sheep have not been stable at any time of the year in the market as they always fluctuate. Prices have doubled during the last three years.
Salim Al-Rasheedi, a merchant in the Riyadh market, said the demand for domestic goats is increasing on a daily basis. "This is the main reason for the price hike," he said. He added that most customers like domestic goats more than imported ones.
Among the domestic goats, Nuaimi and Najdi are the most famous having a great demand. Prices of Najdi have reached more than SR 1,800 per animal while Nuaimi is sold for prices ranging between SR 1,550 and SR 1,700.
At the same time, prices of imported goat, like Sawakin reached up to SR 1,000. Barbari, which is the cheapest, is sold for SR 600. "We have to increase the production of domestic goats and sheep. This is the only way to decrease prices," Al-Rasheedi said.
The government is trying to bring down goat prices by increasing the quantity of imported goats. However, prices are still very high.
Muhamed Al-Dossari, another merchant, defended the price hike saying it was essential to offset growing expenses. "Customers do not know about the increase in prices of essential commodities that are required for goat farms. They think merchants are increasing prices without any reason to make money. It is not true," he added.
Saudi- Goat price hikes as demand for meat ups on Eid - middle east north africa financial network - MENAFN
LINK http://www.menafn.com/menafn/1093548455/Saudi-Goat-price-hikes-as-demand-for-meat-ups-on-Eid
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