The latest figures from the Pakistan Bureau of Statistics (PBS) reveal a decline of 4.08% in the output of Large-Scale Manufacturing Industries (LSMI) for October 2023 compared to October 2022. Additionally, there was a 2% reduction when compared to September 2023.
During the initial four months (July-October) of the current fiscal year (FY24), LSMI output saw a 0.44% decline compared to the same period in the previous fiscal year (FY23).
The provisional quantum index number (QIM) for October 2023 is 111.06, while the QIM estimated for July-October 2023-24 stands at 112.33, based on the latest data provided by source agencies and developed with the base year of 2015-16.
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Contributors to the overall -0.44% growth include various sectors such as Food (0.61), Tobacco (-0.75), Textile (-3.12), Garments (3.98), Paper & Board (-0.10), Petroleum Products (0.49), Chemicals (0.22), Pharmaceuticals (1.66), Cement (0.42), Iron & Steel Products (-0.10), Electrical Equipment (-0.50), Automobiles (-1.51), and Furniture (-1.84).
Comparing July-October 2023-24 with July-October 2022-23, there’s been an upsurge in production in sectors like Food, Beverages, Wearing Apparel, Coke & Petroleum Products, Chemicals, Fertilizers, Pharmaceuticals, Non-Metallic Mineral Products, Machinery and Equipment, and Other Manufacturing (Football). Conversely, sectors like Tobacco, Textile, Iron & Steel Products, Electrical Equipment, Automobiles, Other Transport Equipment, and Furniture experienced a decline in production during the same period.
The sectors showing growth during July-October 2023-24 compared to the same period in the previous year are: food (5.11%), beverages (0.25%), wearing apparel (26.52%), leather products (2.36%), coke and petroleum products (7.55%), chemicals (2.75%), chemicals products (-5.92%), fertilizers (8.91%), pharmaceuticals (37.37%), non-metallic mineral products (4.14%), fabricated metal (1.10%), machinery and equipment (48.21%), and other manufacturing (football) (12.46%).
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On the other hand, sectors experiencing a decline during July-October 2023-24 compared to the same period in the previous fiscal year are tobacco (38.01%), textile (15.47%), wood products (2.31%), paper & board (3.96%), iron and steel products (2.04%), computer, electronics and optical products (25.11%), electrical equipment (13.29%), automobiles (48.94%), other transport equipment (12.55%), and furniture (60.27%).
