LSMI Grows By 10.4% iIn First Three Quarters of FY22

By Irfan Ahmed

ISLAMABAD, May 26 (INP-WealthPK): The overall output of the large-scale manufacturing industry (LSMI) increased by 10.4% during the July-March period of 2021-22 compared to the corresponding period of 2020-21 with the base year 2015-16, reports WealthPK, quoting the Pakistan Bureau of Statistics data.

The provisional quantum Index numbers of the large-scale manufacturing industries (QIM) have been computed based on the latest production data of 112 items. On a year-on-year basis, the industry grew by 26.6% during March 2022 compared to March 2021.

On a monthly basis, LSMI growth was recorded at 8.2% in March 2022 compared to February 2022.

According to the PBS data, the QIM was recorded at 126.2 points during July-March 2021-22 against 114.3 points during July-March 2020-21, showing a growth of 10.4%.

The provisional QIM is computed based on the latest production data received from different sources, including the Oil Companies Advisory Committee (OCAC), ministry of industries and production and provincial bureaus of statistics (BOS).

The ministry of industries’ indices increased the most by 10.3% from July to March 2021-22, followed by the BOS’ indices, which increased by 12.1%, and the OCAC’s goods, which increased by 2%.

The production during the two comparable periods (July-March) increased in food, beverages and tobacco, textile, chemicals, automobiles, iron and steel products, leather products and paper and paperboard, while it decreased in pharmaceuticals and rubber products.

The major industries that showed positive growth during the period included textile 0.7%, food 2.2%, tobacco 0.4%, pharmaceuticals and chemicals 0.6%, automobiles 1.5%, iron and steel products 0.7%, fertilisers 0.4%, and paper and board 0.2%.

On the contrary, the commodities that witnessed negative growth included pharmaceuticals 0.4%, rubber products 20.6%, fabricated metal 7.2%, electronics 1.1%, and other transport equipment 10.2%.

The OCAC recorded month-on-month positive growth of 12.7% in March 2022 against the previous month, and 8.1% positive growth was recorded year-on-year in March 2022 against March 2021.

The data showed that the ministry of industries-related sectors witnessed positive growth of 9.0% in March 2022 against February 2022, while year-on-year, it registered a 34.4% growth in March 2022 compared to the corresponding month of last year.

Source: Pakistan Bureau of Statistics

The petroleum products witnessed a positive growth of 1.13% as their output increased from 10.608 billion litres in July-March 2020-21 to 10.728 billion litres in July-March 2021-22. On a yearly basis, petroleum products witnessed a 7.58% increase in March 2022 and remained at 1.307 billion litres compared to 1.215 billion in March 2021.

Cement production witnessed 2.86% negative growth during July-March 2021-22 and remained at 26.54 million tonnes compared to 37.619 million tonnes during the same period of last year.

Year-on-year, cement production witnessed a 2.23% increase in March 2022 and remained at 4.605 million tonnes compared to 4.710 million tonnes in March 2021.

The number of refrigerators produced grew by 10.36% from 928,170 units in July-March 2020-21 to 1,024,335 units in July-March 2021-22. Year-on-year, the production of refrigerators witnessed a 10.6% decrease in March 2022 and remained at 108,871 units compared to 119,535 units in March 2021.

On the other hand, capsules’ production witnessed a 44.12% decline from July-March 2021-22 and quantity remained at 1.994 billion compared to 3.569 billion during the same period of last year.

In addition, in the first three quarters of the fiscal year 2021-22, the number of jeeps and cars witnessed a 55.09% increase to reach 177,735 units from 114,617 units in the same period of the fiscal year 2020-21.

Sugar production witnessed 38.10% growth during July-March 2021-22 and remained at 7.759 million tonnes compared to 5.618 million tonnes during the same period of last year.

The LSMI production was strong in March, and it appears that the industry will continue to function well in coming months.

Economic strength of a country is measured by the development of manufacturing industries. Industries help in eradicating unemployment and poverty by providing jobs.