According to the latest data released by the State Bank of Pakistan, private sector credit to manufacturing sector grew by more than 18 percent (YoY) during February. During the month of February, 2018, manufacturing sector, the backbone of GDP received a total sum of Rupees 2.505 trillion.
In the manufacturing sector, Textiles were the leading receivers with a total of Rupees 818.582 billion +17.42% YoY worth of loans from commercial banks across the country. Of the total textile sector, Spinning, Weaving, Finishing of Textiles borrowed 642.768 billion, Made-up textile articles sector borrowed 88.644 billion, Knitwear at 31.365 billion and other textiles borrowed 53.221 billion from the private sector banks.
Furthermore, Wearing apparel and readymade garments sector borrowed a cumulative amount of Rs. 79.832 billion during the year rising by 10.9 percent.
Following textiles, Food Products and Beverages were second leading recipients of loans from commercial banks. Rupees 656.762 billion worth of sums were lent to companies in the food and beverages sector, registering a 17.38 percent growth during the year.
In a surprising movement, loans to other metallic mineral products sector grew by 54.36 percent to clock in at Rupees 124.392 billion; loans to basic metals sector went up by 41.68 percent to clock in at Rs. 122.681 billion.
However, private sector credit to Tobacco, Office Accounting and manufacturing machinery, medical and optical instruments, and chemicals and chemical products sector registered a downwards trend.