ISLAMABAD: The Large-Scale Manufacturing Industries (LSMI) sector in Pakistan recorded a contraction of 1.25% during the first five months (July-November) of the fiscal year 2024-25 compared to the same period last year, according to data released by the Pakistan Bureau of Statistics (PBS).
For November 2024, LSMI output declined by 3.81% compared to November 2023 and fell by 1.19% when compared to October 2024. The provisional quantum indices of Large-Scale Manufacturing Industries (LSMI) for November 2024, based on the base year 2015-16, were compiled using data provided by key agencies, including the Oil Companies Advisory Council (OCAC), Ministry of Industries and Production, Ministry of Commerce, and provincial bureaus of statistics.
The Quantum Index of Manufacturing (QIM) for November 2024 was reported at 107.97, while the cumulative QIM for July-November 2024-25 stood at 109.33.
Sectoral performance:
The -1.25% decline in LSMI growth was influenced by mixed sectoral performances. Key contributors include:
– Food (0.23%)
– Tobacco (0.39%)
– Textile (0.40%)
– Garments (1.76%)
– Automobiles (0.78%)
– **Negative Growth**:
– Petroleum Products (-0.18%)
– Cement (-0.61%)
– Iron & Steel Products (-0.62%)
– Electrical Equipment (-0.64%)
– Machinery & Equipment (-0.25%)
– Furniture (-2.24%)
During the July-November period, sectors such as food, tobacco, textiles, wearing apparel, and automobiles showed growth. However, declines were observed in coke and petroleum products, chemical products, non-metallic mineral products, iron and steel, electrical equipment, machinery, and furniture production.
The decline in LSMI reflects challenges in key industrial sectors, highlighting the need for targeted policy measures to stabilize manufacturing output. Strengthening domestic demand, addressing energy and input costs, and supporting export-oriented industries could play a crucial role in reversing the downward trend.
