The Large Scale Manufacturing (LSM) sector in Pakistan recorded a modest growth of 0.92% during the fiscal year 2023-24 (July-June) compared to the previous year, according to data released by the Pakistan Bureau of Statistics (PBS).
However, the sector saw a marginal decrease of 0.03% in June 2024 compared to June 2023 and a more significant decline of 4.70% compared to May 2024.
The provisional quantum index numbers of the large-scale manufacturing industries (LSMI) for June 2024, based on the 2015-16 base year, indicated a quantum index number (QIM) of 108.61 for June 2024. For the entire fiscal year 2023-24, the QIM was estimated at 115.83.
The 0.92% overall growth in LSMI was driven by various sectors, with food contributing 0.30%, garments 1.19%, petroleum products 0.63%, chemicals 0.41%, pharmaceuticals 0.80%, and furniture 0.37%.
However, several sectors recorded negative growth, including tobacco (-0.42%), textiles (-0.93%), non-metallic mineral products (-0.36%), iron and steel products (-0.22%), electrical equipment (-0.31%), and automobiles (-0.62%).
During the July-June 2023-24 period, notable increases in production were seen in sectors such as food (1.73%), wearing apparel (8.24%), leather products (5.66%), coke and petroleum products (9.81%), chemicals (5.26%), fertilizers (11.58%), pharmaceuticals (15.72%), machinery and equipment (45.52%), and furniture (14.96%). Conversely, significant declines were recorded in beverages (-2.10%), tobacco (-23.01%), textiles (-5.23%), paper and board (-0.43%), non-metallic mineral products (-5.31%), iron and steel products (-4.42%), fabricated metals (-7.79%), computer, electronics and optical products (-12.44%), electrical equipment (-9.47%), automobiles (-25.03%), and other transport equipment (-4.02%).
Petroleum products saw a 9.81% increase in production, with indices rising to 95.30 in July-June 2023-24 compared to 86.79 in the previous fiscal year. High-speed diesel production grew by 14.71%, reaching 5.339 billion litres, while furnace oil output increased by 20.19% to 2.633 billion litres. Jet fuel oil, however, experienced a negative growth of 7.90%, with production falling to 799 million litres.
Cement production declined by 4.54%, with output falling to 39.566 million tonnes in FY 2023-24, down from 41.448 million tonnes in the previous fiscal year.
