Daily Times

Pakistanís large-scale manufacturing (LSM) sector for the 6th consecutive month witnessed an upward trajectory recording an increase of 7.33% in May 2024, reported WealthPK quoting the data released by the Pakistan Bureau of Statistics (PBS).

In May, the quantum index of LSM industries stood at 113.90 points, a significant rise from 106.12 points in the same month last year and a notable improvement from April’s 105.94 points.

Despite the impressive monthly growth, the sector’s performance for the first 11 months of the fiscal year (July to May) was modest, with a year-on-year increase of only 0.99%, reaching 116.48 points. The PBS data revealed a cumulative negative trend in the index for the 20th consecutive month, dating back to July 2022.

In addition, out of the 22 sectors tracked, 12 experienced a negative growth during the 11 months. These sectors included chemicals, beverages, tobacco, textiles, paper and board, non-metallic mineral products, iron and steel products, fabricated metals, computers, electronics, and optical products.

In the textile and clothing sector, a positive growth was observed in yarn (5.90%) and cloth (0.95%) in May compared to the previous year. The garment sector saw a significant surge of 40.67% over the same period. In the food group, wheat and rice output increased by 2.05% in May year-on-year, while cooking oil production declined by 0.21% and vegetable ghee production fell by 7.25%.