Pakistan’s Large-Scale Manufacturing Grows Marginally in FY24

Pakistan’s Large Scale Manufacturing (LSM) sector has shown a growth of 0.92 percent during fiscal year 2023-24 (FY24) when compared with FY23 says Pakistan Bureau of Statistics (PBS). The LSMI output decreased by 0.03 percent for June 2024 when compared with June 2023 and 4.70 percent when compared with May 2024. The provisional quantum indices of Large Scale Manufacturing Industries for June 2024, with the base year 2015-16, have been developed on the basis of the latest data supplied by the source agencies. According to the provisional quantum index numbers of the large-scale manufacturing industries, the LSMI quantum index number (QIM) estimated for June 2024 is 108.61. QIM estimated for July-June, 2023-24 is 115.83. The main contributors towards overall growth of 0.92 percent are, food (0.30 percent), tobacco (-0.42 percent), textile (-0.93 percent) garments (1.19 percent), petroleum products (0.63 percent), chemicals (0.41 percent), pharmaceuticals (0.80 percent), non-metallic mineral products (-0.36 percent), iron & steel products (-0.22 percent), electrical equipment (-0.31 percent), automobiles (-0.62 percent) and furniture (0.37 percent). The production in FY24 as compared to FY23 increased in food, wearing apparel, coke & petroleum products, chemicals, fertilizers, pharmaceuticals, machinery and equipment and furniture while it decreased in tobacco, textile, paper & board, non-metallic mineral products, iron & steel products, electrical equipment, automobiles and other transport equipment. The sectors showing growth during July-June 2023-24 compared to July-June 2022-23 are food (1.73 percent), wearing apparel (8.24 percent), leather products (5.66 percent), wood products (11.79 percent), coke and petroleum products (9.81 percent), chemicals (5.26 percent), chemicals products (-3.42 percent), fertilisers (11.58 percent), pharmaceuticals (15.72 percent), machinery and equipment (45.52 percent), other manufacturing (7.60 percent), and furniture (14.96 percent). The sectors showing decline during July-June 2023-24 compared to July-June 2022-23 are beverages (2.10 percent), tobacco (23.01 percent), textile (5.23 percent), paper and board (0.43 percent), non-metallic mineral products (5.31 percent), iron and steel products (4.42 percent), fabricated metal (7.79 percent), computer, electronics and optical products (12.44 percent), electrical equipment (9.47 percent), automobiles (25.03 percent), and other transport equipment (4.02 percent). The petroleum products witnessed an increase of 9.81 percent as its indices went up to 95.30 during July-June 2023-24 compared to 86.79 during July-June 2022-23. Petroleum products production witnessed a decrease of 3.35 percent in June 2024 when compared to May 2024 and 28.30 percent increase when compared to June 2023. High-speed diesel witnessed 14.71 percent growth as its output remained 5.339 billion liters in FY24 compared to 4.655 billion liters in FY23. Furnace oil witnessed 20.19 percent growth in output and remained 2.633 billion liters in FY24 compared to 2.191 billion liters in FY23. Jet fuel oil witnessed a negative growth of 7.90 percent and remained 799 million liters in FY24 compared to 867.573 million liters in FY23. Cement witnessed 4.54 percent negative growth in output and remained 39.566 million tonnes in FY24 compared to 41.448 million tonnes in FY23.