LSMI and Textile exports show steep decline

According to the data released by the Pakistan Bureau of Statistics (PBS), the Large Scale Manufacturing Industries (LSMI) as well as Textile exports have shown steep declining trends on a YoY basis.

The LSMI is down 9.39 percent while textile exports have fallen by 14.72 percent. For LSMI the main contributors towards overall growth of -9.39per cent are, food (-1.52), tobacco (-0.65), textile (-3.53) garments (2.66), petroleum products (- 0.75), chemicals (-0.48), cement (-0.87), pharmaceuticals (-1.41), iron and steel products (-0.22), electrical equipment (-0.44), and automobiles (-1.98).

The petroleum products production witnessed a decline of 11.24per cent during July-April 2022-23 as its indices went down to 88.47 from 99.6784 during July- April 2021-22. High-speed diesel witnessed 14.76per cent negative growth as its output remained 3.943 billion litres in July-April 2022-23 compared to 4.626 billion liters in July-April 2021-22.The country’s textile group exports have witnessed a decline of 19.57 per cent in May 2023 on a year-on-year basis and remained at $1.320 billion when compared to $1.641 billion during the same month of last year. On a month-on-month (MoM) basis, the textile group registered 7.12 percent growth compared to $1.232 billion in April 2023. Cotton yarn exports registered 33.75 per cent negative growth in July-May and remained $737.186 million compared to $1.112 billion during the same period of the last year. On a year-on-year basis, cotton yarn exports registered 5.83 per cent negative growth