Pakistan’s LSMI shows modest growth in March 2024
In March 2024, the Pakistan Bureau of Statistics released data indicating a 2.0% year-on-year increase in the production levels of Large Scale Manufacturing Industries (LSMI), compared to the same period last year.
Overview of LSMI Performance
The LSMI Index for March 2024 rose to 115.5, up from 113.2 in March 2023. However, month-on-month (MoM) data for March 2024 showed a decline of 9.3% in LSMI.
Over the first nine months of the fiscal year 2024 (9MFY24), LSMI experienced a slight year-on-year decrease of 0.1%. This downturn can be attributed to several factors including high-interest rates, significant increases in energy costs, and weak overall demand, collectively dampening economic activities.
During March 2024, sector-wise performance showed a mix of growth and decline across various industries:
Sectors with Year-on-Year Increase:
- Textile (+5.2%)
- Coke & Petroleum Products (+12.8%)
- Chemicals (+11.6%)
- Wearing Apparel (+18.2%)
- Automobile (+3.4%)
- Tobacco (+35.7%)
- Paper & Boards (+6.5%)
- Leather Products (+7.4%)
- Other Transport Equipment (+17.1%)
- Machinery & Equipment (+13.7%)
- Other Manufacturing (+12.9%)
- Rubber Products (+9.7%)
- Wood Products (+12.7%)
Sectors with Year-on-Year Decrease:
- Food (-5.8%)
- Pharmaceuticals (-0.5%)
- Non-Metallic Mineral Products (-3.5%)
- Beverages (-27.3%)
- Iron & Steel Products (-10.8%)
- Electrical Equipment (-3.3%)
- Furniture (-22.3%)
- Computer, Electronics, and Optical Products (-2.7%)
Detailed breakdown of the Manufacturing Items Weight (%), Year-over-Year (YoY) Change, and YoY Growth Impact for various sectors in March 2024 (Mar-24) and the first nine months of fiscal year 2024 (9MFY24), along with comparisons to the previous year (Mar-23 and 9MFY23):
| Manufacturing Item | Weight (%) | YoY Change (Mar-24) | YoY Change (9MFY24) | YoY Growth Impact (Mar-24) | YoY Growth Impact (9MFY24) |
|---|---|---|---|---|---|
| Textile | 18.2 | 5.2% | -8.3% | 0.9% | -1.5% |
| Food | 10.7 | -5.8% | 1.7% | -1.0% | 0.3% |
| Coke & Petroleum Products | 6.7 | 12.8% | 4.9% | 0.9% | 0.3% |
| Chemicals | 6.5 | 11.6% | 8.0% | 0.9% | 0.6% |
| Wearing Apparel | 6.1 | 18.2% | 5.4% | 2.4% | 0.8% |
| Pharmaceuticals | 5.2 | -0.5% | 23.2% | 0.0% | 1.1% |
| Non-Metallic Mineral Products | 5.0 | -3.5% | -3.9% | -0.3% | -0.3% |
| Beverages | 3.8 | -27.3% | -3.4% | -1.5% | -0.1% |
| Iron & Steel Products | 3.5 | -10.8% | -2.2% | -0.5% | -0.1% |
| Automobiles | 3.1 | 3.4% | -37.4% | 0.1% | -1.0% |
| Tobacco | 2.1 | 35.7% | -33.6% | 0.5% | -0.7% |
| Electrical Equipment | 2.1 | -3.3% | -7.5% | -0.1% | -0.2% |
| Paper & Board | 1.6 | 6.5% | -2.0% | 0.2% | -0.1% |
| Leather Products | 1.2 | 7.4% | 5.3% | 0.1% | 0.0% |
| Other Transport Equipment | 0.7 | 17.1% | -10.0% | 0.1% | -0.1% |
| Furniture | 0.5 | -22.3% | 23.1% | -0.6% | 0.6% |
| Fabricated Metal | 0.4 | 1.0% | -5.4% | 0.0% | 0.0% |
| Machinery and Equipment | 0.4 | 13.7% | 61.5% | 0.1% | 0.2% |
| Other Manufacturing (Football) | 0.3 | 12.9% | 1.3% | 0.1% | 0.0% |
| Rubber Products | 0.2 | 9.7% | 3.6% | 0.0% | 0.0% |
| Wood Products | 0.2 | 12.7% | 12.1% | 0.0% | 0.0% |
| Computer, Electronics, and Optical Products | 0.0 | -2.7% | -16.0% | 0.0% | 0.0% |
These figures highlight the performance and trends across various manufacturing sectors in Pakistan, providing insights into the changes over the specified periods.
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