LSMI output records highest growth of 27% in March since May’21

May 13, 2022 (MLN): Pakistan’s Large Scale Manufacturing Industries (LSMI) production grew by 26.6% YoY during March 2022 which was the highest YoY increase after May’21, Pakistan Bureau of Statistics (PBS) reported on Thursday.

On a month-on-month basis, the LSMI growth witnessed an increase of 8.2% in the month against the previous month, whereas on average, the LSM grew by 10.4% YoY during July-March FY22 as compared to the same period of the previous fiscal year.

The growth during the month of March’22 was led by the Furniture, Food, and Apparel sectors as they posted growth of 186.5% YoY, 85% YoY, and 78.6% YoY respectively followed by  Other Manufacturing (Football) (64.1% YoY), Wood Products (32.6% YoY), Automobiles (26% YoY), Chemical products (17.1% YoY), Fertilizer (16.9% YoY),  Pharmaceuticals (12.6% YoY), Paper & Board (11.6% YoY), Iron & Steel Products (11.2% YoY), Petroleum Products (8.1% YoY), Computer, electronics and Optical Products (6% YoY), Textile (5.1% YoY), Non-Metallic Mineral Products (4.2% YoY), and Rubber Products (0.2% YoY).

While the industries that contracted during the month were Beverages (-6% YoY), Tobacco (-1.4% YoY), Leather Products (-7.6% YoY), Machinery and Equipment (-10.9% YoY), Fabricated Metal (-6.1% YoY), Electrical Equipment (-1.5% YoY), and Other Transport Equipment (-11.7% YoY).

On a cumulative basis, during 9MFY22 out of 22 major industries, 17 posted positive growth while the rest of the 5 industries' witnessed a decline.

The sector-wise performance revealed that the production in Food, Beverages, Tobacco, Textile, Chemicals, Automobiles, Iron & Steel Products, Leather Products and Paper & Paperboard sectors have surged by 11.7% YoY, 0.7% YoY, 16.7% YoY, 10.61% YoY, 3.2% YoY, 7.8% YoY, 54.1% YoY, 16.5% YoY, 1.5% YoY, and 8.5% YoY respectively during Jul-March FY22, compared to the performance in Jul-March FY21.

On the other hand, the dismal numbers were witnessed in Pharmaceuticals, Rubber Products, Fabricated Metal, Electrical Equipment, and Other Transport Equipment industries as their production dropped by 0.4% YoY, 20.6% YoY, 7.2% YoY, 1.1% YoY, and 10.2% YoY respectively during 9MFY22.

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