Pakistan’s big industries output drops over 2 per cent MoM

ISLAMABAD: The output of Pakistan’s Large Scale Manufacturing (LSM) sector dropped by 2.08 per cent in July 2024 compared to June 2024, according to the Pakistan Bureau of Statistics (PBS). However, compared to July 2023, the LSM output saw an increase of 2.38 per cent in July 2024.

The PBS released provisional data showing that the quantum index of large-scale manufacturing industries (with the base year of 2015-16) for July 2024 was 106.21.

The overall growth of 2.38 per cent was largely driven by sectors like food, which contributed 0.63 per cent, tobacco at 0.81 per cent, textiles at 1.48 per cent, garments at 1.37 per cent, and automobiles at 1.01 per cent. Other contributors included petroleum products (0.41 per cent), paper and board (0.14 per cent), and chemicals (0.02 per cent).

However, some industries saw a decline, including pharmaceuticals (-0.23 per cent), cement (-0.38 per cent), iron and steel products (-0.70 per cent), electrical equipment (-0.69 per cent), and furniture (-1.36 per cent).

When comparing July 2024 to July 2023, there was growth in industries such as food, beverages, tobacco, textiles, leather products, automobiles, and machinery. Food production rose by 4.79 per cent, beverages by 6.75 per cent, and tobacco by a significant 90.21 per cent.

Automobiles experienced a huge jump of 71.96 per cent. Other sectors that grew include wearing apparel, wood products, paper and board, chemicals, and electronics.

On the other hand, certain sectors showed a decline. Pharmaceuticals dropped by 3.36 per cent, rubber products by 16.02 per cent, non-metallic minerals by 12.94 per cent, and iron and steel products by 12.7 per cent.

The electrical equipment and furniture sectors saw significant drops of 19.37 per cent and 55.83 per cent, respectively.

In the petroleum products sector, production rose by 5.55 per cent in July 2024 compared to the same month last year, and by 1.82 per cent compared to June 2024.

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