LSMI output increases by 21.4% YoY in May

July 18, 2022 (MLN): Pakistan’s Large Scale Manufacturing Industries (LSMI) production increased by 21.4% YoY during May 2022 when compared with May’21, Pakistan Bureau of Statistics (PBS) reported on Monday.

However, on a monthly basis, the LSMI growth witnessed a decline of 1.3% in the month against the previous month i.e., April 2022, whereas on average, the LSM grew by 11.7% YoY during July-May FY22 as compared to the same period of the previous fiscal year.

The YoY increase during the month of May’22 was led by the Furniture, Apparel,  Other Manufacturing, Automobile, and Pharmaceutical sectors as they posted growth of 323% YoY, 158.5% YoY, 95.3% YoY, 50.5% YoY, and 45.9% YoY respectively followed by Iron & Steel Products (19.2% YoY), Computer, Electronics and Optical products (17.6% YoY), Electrical equipment (16.1% YoY), Paper & Board (15.5% YoY), Fabricated Metal (12.7% YoY), Chemicals (13.1% YoY), Non-Metallic Mineral Products (10.4% YoY), Textile (8.2% YoY), Coke & Petroleum Products (8.1% YoY), Wood Products (5.6% YoY), Rubber Production (4.4% YoY), and Machinery (4%).

While the industries that contracted during the month were Beverages (-13.7% YoY), Leather Products (-6.7% YoY), Food (-4% YoY), and Tobacco (-3% YoY).

On a cumulative basis, during 11MFY22 out of 22 major industries, 18 posted positive growth while the rest of the 4 industries witnessed a decline.

The sector-wise performance revealed that the production increased in Food, Tobacco, Wearing apparel, Textile, Chemicals, Automobiles, Iron & Steel Products, Leather Products and Paper & Paperboard as their output surged by 9.8% YoY, 12.9% YoY, 49.7% YoY, 4.1% YoY, 9% YoY, 52.7% YoY, 16.5% YoY, 0.6% YoY, and 8.9% YoY, respectively during Jul-May FY22, compared to the performance in Jul-May FY21.

On the other hand, the dismal numbers were witnessed in Other Transport Equipment, Rubber Products, Fabricated Metal, and Beverages as their production dropped by 10.9% YoY, 11% YoY, 17.3% YoY, 4.7% YoY, and 0.3% YoY respectively during 11MFY22.

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