ISLAMABAD: The Large-Scale Manufacturing (LSM) sector grew for the sixth consecutive month, with a 7.33 per cent increase in May, according to data released by the Pakistan Bureau of Statistics on Thursday.

The quantum index of LSM industries was 113.90 points in May compared to 106.12 in the same month last year. However, it surged from April’s 105.94 points.

For the outgoing fiscal year’s first 11 months (July to May), the LSM shows a paltry growth of 0.99pc year-on-year to 116.48 points. The PBS data showed the cumulative change in the index was negative for the 20th month in a row, i.e., since July 2022.

Twelve out of 22 sectors recorded negative growth during 11MFY24. 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, positive growth was observed in yarn (5.90pc) and cloth (0.95pc) in May compared to a year ago. However, a surge of 40.67pc was recorded in the garment sector in May over the same month last year. In the food group, wheat and rice output increased 2.05pc in May over the same month last year. Cooking oil production declined by 0.21pc, while vegetable ghee declined by 7.25pc during the month.

The production of fertilisers dipped 0.75pc, while rubber items dropped 14.74pc. Pharmaceutical products experienced a fall of 2.31pc, and machinery and equipment manufacturing dipped 13.07pc.

The survey highlights that LSM’s performance has been primarily affected by unfavourable domestic and global events, supply disruptions, and floods since the beginning of the current fiscal year.

Published in Dawn, July 19th, 2024