October's Large Scale Manufacturing Index (LSMI) Records a 4.08% Year-on-Year Decrease in Output

The Large Scale Manufacturing Industries (LSMI) output experienced a 4.08% decline in October 2023 compared to October 2022 and a 2% decrease compared to September 2023, as reported by the Pakistan Bureau of Statistics (PBS).

During the first four months (July-October) of the fiscal year 2023-24, the LSMI output decreased by 0.44% compared to the same period last year. The provisional quantum index numbers for October 2023 stood at 111.06, while the July-October 2023-24 index was 112.33, based on the latest data from source agencies.

Key contributors to the overall -0.44% growth include food (0.61), tobacco (-0.75), textile (-3.12), garments (3.98), paper and board (-0.10), petroleum products (0.49), chemicals (0.22), pharmaceuticals (1.66), cement (0.42), iron and steel products (-0.10), electrical equipment (-0.50), automobiles (-1.51), and furniture (-1.84).

In terms of production changes during July-October 2023-24 compared to the same period in the previous fiscal year, growth was observed in food, beverages, wearing apparel, coke and petroleum products, chemicals, fertilizers, pharmaceuticals, non-metallic mineral products, machinery and equipment, and other manufacturing (football).

However, sectors such as tobacco, textile, iron and steel products, electrical equipment, automobiles, other transport equipment, and furniture experienced a decline.

Specifically, petroleum products production increased by 7.55%, while sectors like tobacco and textiles witnessed declines of 38.01% and 15.47%, respectively. High-speed diesel and furnace oil recorded growth, while jet fuel oil saw a negative growth of 13.02%. Cement production registered a 7.10% growth during July-October 2023-24.

The data also revealed a 8.19% decline in petroleum products production in October. High-speed diesel recorded a growth of 14.80%, and furnace oil witnessed a 16.34% increase during the same period. However, jet fuel oil experienced a negative growth of 13.02%, while kerosene oil saw a marginal growth of 0.26%.

In summary, the LSMI data reflects a mixed performance across various sectors, with both growth and decline observed in different industries during the specified period.