The Pakistan Bureau of Statistics (PBS) in a report published on Wednesday revealed a positive growth trajectory for Pakistan’s Large-scale Manufacturing Industries (LSMI), with a notable 2.04% year-on-year increase in production for March 2024.
The LSMI index rose to 115.53, showcasing steady progress compared to the 113.21 index recorded in March 2023.
Despite this annual growth, the month-on-month comparison indicates a substantial 9.35% decline in LSMI output from February 2024, where the index stood at 127.44. This sharp decline reflects the dynamic nature of industrial production and the influence of various economic factors on monthly performance.
Cumulatively, for the first nine months of the fiscal year 2023-24 (9MFY24), the LSMI sector has experienced a marginal decline of 0.1% when compared to the corresponding period in the previous year.
This nuanced performance underscores the challenges and opportunities within Pakistan’s manufacturing landscape.
Analyzing the sector-wise contributions to this cumulative growth figure, key sectors such as Food, Garments, Petroleum Products, Chemicals, Pharmaceuticals, and Furniture have displayed positive growth rates. Conversely, industries like Tobacco, Textile, Iron & Steel Products, Electrical Equipment, Automobiles, and Other Transport Equipment have witnessed varying degrees of decline, influencing the overall LSMI performance.
In a broader context, the production trends from July to March of the fiscal year 2023-24 compared to the same period in the previous year highlight a mixed picture across different industries within the LSMI sector. While sectors like Food, Wearing Apparel, Coke & Petroleum Products, Chemicals, Fertilizers, Pharmaceuticals, Machinery and Equipment, and Furniture have shown growth, others like Tobacco, Textile, Paper & Board, Non-Metallic Mineral Products, Iron & Steel Products, Electrical Equipment, Automobiles, and Other Transport Equipment have experienced a decrease in production.
