Local tractor production surges by 77 per cent

WEB DESK: Tractor assembling in the country has surged significantly during the first seven months of the current financial year, marking a remarkable 77 per cent increase compared to the corresponding period last year.

Statistics reveal that from July to January in the fiscal year 2023-24, approximately 27,835 tractors were locally assembled, in contrast to 15,725 tractors assembled during the same timeframe last year.

The latest provisional quantum indices of Large Scale Manufacturing Industries (LSMI) for January 2024, released by the Pakistan Bureau of Statistics, highlight a noteworthy 80.11 per cent growth in the manufacturing of machinery and equipment during the review period.

Furthermore, on a month-on-month basis, local tractor production witnessed a staggering 164.76 per cent increase. In January 2024 alone, around 4,117 tractors were locally manufactured, compared to 1,555 tractors produced in the corresponding month of the previous year.

However, the automotive sector experienced a downturn, recording a 46.21 per cent decrease in manufacturing compared to the same period last year.

The overall output of the Large Scale Manufacturing Industrial (LSMI) sector in January 2024 saw a modest increase of 1.48 per cent compared to January of the previous year.

Additionally, January 2024 displayed a slight month-on-month growth of 0.03 per cent over the output of December 2023.

Despite these fluctuations, PBS data indicates an overall decline of 0.52 per cent in LSMI production during July to January 2023-24, in comparison to the same period last year.