In July 2024, Pakistan’s Large Scale Manufacturing (LSM) sector experienced a mixed performance, according to data from the Pakistan Bureau of Statistics (PBS). On a month-to-month basis, the LSM sector’s output decreased by 2.08 percent compared to June 2024. However, when compared to the same period last year (July 2023), there was an increase of 2.38 percent in output, reflecting modest year-on-year growth.
The provisional quantum index number (QIM) for July 2024 was 106.21, based on data from key agencies such as the Oil Companies Advisory Council (OCAC), the Ministry of Industries and Production, and provincial Bureaux of Statistics.
Several sectors contributed to the 2.38 percent growth from July 2023 to July 2024. Notable increases were seen in tobacco (90.21%), automobiles (71.96%), textiles (8.43%), and wearing apparel (9.59%). Petroleum products also rose by 5.55 percent, driven by high-speed diesel output, which grew by 7.78 percent year-on-year. Additionally, food (4.79%), beverages (6.75%), and wood products (8.60%) saw positive growth.
However, the performance was not uniformly positive across all sectors. Significant declines were observed in pharmaceuticals (-3.36%), non-metallic mineral products (-12.94%), iron and steel products (-12.70%), and electrical equipment (-19.37%). The furniture sector experienced a drastic fall, plummeting by 55.83 percent compared to July 2023.
The petroleum sector saw mixed results, with furnace oil increasing by 3.35 percent but kerosene oil output falling sharply by 31.46 percent. The cement industry also faced a 6.63 percent decline in production compared to July 2023, signaling challenges in the construction sector.
Overall, while the LSM sector showed resilience with year-on-year growth, sectoral variations highlight areas of concern for the country’s industrial performance.
