Pakistan’s industrial sector records highest output in 21 months

WEB DESK: Pakistan’s large-scale manufacturing (LSM) industries have achieved a remarkable milestone, recording production output at its highest level in 21 months.

Various sectors, including agriculture, petroleum products, textiles, and pharmaceuticals, have experienced a gradual surge in production, indicating a positive trend in the country’s industrial landscape.

This surge in LSM output is largely attributed to the proactive measures taken by the government, along with effective interventions by the Special Investment Facilitation Council (SIFC), aimed at strengthening the economy.

Recent statistics illustrate a promising trajectory, with the large-scale manufacturing index reaching 132.43 per cent in January 2024, showing a slight uptick from the 132.39 per cent recorded in December of the previous year.

Additionally, Pakistan’s exports have witnessed a notable increase of 8.93 per cent in the first nine months of the current fiscal year (2023–24) compared to the corresponding period in the previous year, according to data released by the Pakistan Bureau of Statistics (PBS).

During the period of July–March (2023–24), the country’s exports surged to $22.914 billion, marking an 8.93 per cent rise from $21.036 billion in the same period of 2022–2023.

Conversely, imports have shown a decline of 8.65 per cent, dropping to $39.944 billion from $43.724 billion, indicating a positive shift in the country’s trade dynamics.

This has led to a reduction in the trade deficit for the first nine months of the current fiscal year to $17.030 billion, compared to $22.688 billion for the same period last year, reflecting a significant decrease of 24.94 per cent.