LSMI production declined by 4 percent in October 2023

The Pakistan Bureau of Statistics (PBS) released data for Large Scale Manufacturing Industries (LSMI) which, according to the data, showed a declined by 4.08 percent for October 2023 when compared with October 2022 and two percent when compared with September 2023. A decline of 0.44 percent was shown during the first four months (July-October) of the current fiscal year.

The industries that contributed towards an overall growth of -0.44 percent in the output include chemicals (0.22), pharmaceuticals (1.66), cement (0.42), iron and steel products (-0.10), electrical equipment (-0.50), food (0.61), tobacco (- 0.75),textile (-3.12) garments (3.98), paper and board (-0.10), petroleum products (0.49), automobiles (-1.51), and furniture (-1.84).

According to the data, the industries that experienced a growth in production in July-October 2023-24 as compared to July-October 2022-23 include food (5.11 per cent), beverages (0.25 per cent), wearing apparel (26.52 per cent), leather products (2.36 per cent), coke and petroleum products (7.55 per cent), chemicals (2.75 per cent), chemicals products (-5.92 per cent), fertilisers(8.91 per cent), pharmaceuticals (37.37 per cent), non-metallic mineral products (4.14 per cent), fabricated metal (1.10 per cent), machinery and equipment (48.21 per cent), and other manufacturing (football) (12.46 per cent).

Moreover the following sectors showed an overall decline considering the same period mentioned above; tobacco (38.01 per cent), textile (15.47 per cent), wood products (2.31 per cent), paper and board (3.96 per cent), iron and steel products (2.04 per cent), computer, electronics and optical products (25.11 per cent), electrical equipment (13.29 per cent), automobiles (48.94 per cent), other transport equipment (12.55 per cent), and furniture (60.27 per cent).

An increase of 7.55 per cent was observed in the petroleum products production industry during July-October 2023-24. Whereas it witnessed a decline of 8.19 per cent in October. High speed diesel witnessed a 14.8 percent growth, furnace oil showed a 16.3 percent growth, a negative growth of 13.02 percent was observed in the jet fuel oil production and kerosene production showed a 0.26 percent growth in the mentioned span of time. The PBS data also recorded a 7.10 percent growth in cement production for the period of July- October 2023-24.