Karachi:
Pakistan's industrial production decreased by 3.8 percent in November compared to November last year, while major industrial production decreased by 1.3 percent during the first 5 months of the current fiscal year.
According to data from the Pakistan Bureau of Statistics, there has been a continuous decline in large manufacturing industries since August 2024, with the factors including rising energy prices and declining consumer demand.
On a year-on-year basis, large manufacturing industries declined by 2.65% in August and by 1.92% in September. On a year-on-year basis, the large manufacturing sector recorded a growth of 2.38% in July 2024. The LSM sector declined by 0.03% in FY2024, compared to a growth of 0.92% last year.
Speaking to Express in this regard, Moaz Azam, Head of Research at Optimus Capital Management, said that the decline in demand due to weather is the main reason for this decline, while according to a report by Jahangir Siddiqui Global, the decline in industrial production shows that economic problems still exist.
On a year-on-year basis, the food sector grew by 1.72% in the first 5 months of FY24, while the cooking oil and rice industries grew by 1.06%, 0.45% and 4.48% respectively. There was a significant decline in wheat and rice milling during the period under review, mainly due to better harvesting of the crops.
Textile production increased by 2.28% year-on-year in the first 5 months of fiscal year 2024, with cotton yarn production increasing by 8.79% and cotton fabric production increasing by 0.80%, giving the textile sector a share of more than 80%. The increase in production due to increased demand for textiles abroad was the main reason for the increase in the value of the export sector.
Garment exports recorded an 11.49% increase on a year-on-year basis, mainly due to foreign buyers shifting from Bangladesh to Pakistan.
In the first 5 months of fiscal year 2024, the petroleum products sector recorded a negative growth of 2.44%, with gasoline production declining by 4.79% and high-speed diesel production declining by 1.44%. However, kerosene production increased by 13.83% and lubricant oil production by 10.66%.
In the first five months of FY24, the automobile sector recorded a year-on-year growth of 50.70 percent, followed by LCV production of 205.73 percent, truck production of 101.47 percent, and bus production of 37.32 percent. However, diesel engine production recorded a decline of 8.94 percent.
Note= This Contact Copy Express News