LSM expands by 68pc in April, 13pc in 10MFY21

Large-Scale Manufacturing (LSM) in Pakistan posted a growth of 68.07 per cent in April whereas, the sector’s output grew 12.84pc in the first 10 months (Jul-Apr) of the ongoing fiscal year 2020-21 (10MFY21).

According to data released by the Pakistan Bureau of Statistics (PBS), 14 out of 15 sub-sectors in LSM rose during the month under review. Low interest rates and reduction in duties on raw materials are expected to further spur economic activities during the current fiscal year.

Sector-wise, production of 11 items under the Oil Companies Advisory Committee was up by 85.76 per cent year-on-year in April. The 36 items under the Ministry of Industries and Production rose by 99.67pc, while 65 items reported by the provincial bureaus of statistics were up by 24.12pc.

The growth in April, however, dropped 7pc compared to the previous month of March. April was the third successive month in which the sector maintained a downward trend on a month-on-month basis amid the third wave of Covid-19.

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As per the PBS data, the entire automobile sector showed strong growth in 10MFY21 compared to the same period from a year ago. Production of tractors rose by 65.26pc, trucks 2.56pc, buses 4.33pc, jeep and cars 41.61pc, LCVs 45.93pc and motorcycles by 33.39pc during the months under review.

Cement output also grew by 25.36pc during the 11 months under review on the back of greater demand following the start of construction activities and increase in exports. In the steel sector, billets and ingots also posted a growth of 48.62pc. The production of paints and varnishes was up 73.25pc. Cigarettes production posted a growth of 19.76pc.

On the other hand, vegetable ghee production rebounded and posted a growth of 1.52pc, cooking oil 3.04pc and tea blended 5.91pc while wheat and grain milling output dipped by 6.88pc.

 

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