ISLAMABAD: Large scale manufacturing (LSM) sector maintained a steady growth momentum in August as the lifting of pandemic restrictions had a positive impact on demand and production both at home and abroad.
The LSM sector grew by 12.74 percent in August 2021 over corresponding month of last year and 2.09 percent over previous month, showing a healthy performance almost in all categories. The subsidized energy, low cost of borrowing and easy raw material imports were instrumentals for jacking up the industrial growth.
LSM accounts for 80 percent of manufacturing sector.
Pakistan Bureau of Statistic on Friday reported that the cement, steel, textiles, automobiles, pharmaceuticals, non-metallic materials, leather, paper and Board showed sizable recovery, however, fertilizer, electronics and rubber showed a negative growth. In July-August 2021/22, the average growth of LSM arrived at 7.26 percent over same period of last year.
Oil Companies Advisory Council, logging outputs of 11 oil and petroleum products, measured growth of 0.14 percent year-over-year in outputs.
Ministry of industries, measuring output trend of 36 items, recorded a 4.31 percent growth in production.
Provincial bureau of statistics, counting production of 65 products, recorded 2.81 percent growth.
Textile sector grew by 1.43 percent, food, beverages and tobacco 6.74 percent, coke and petroleum products 2.35 percent, pharmaceuticals 18.67 percent, chemicals 6.36 percent, automobiles 55.33 percent, iron and steel products 14.34 percent, leather products 20.21 percent, engineering products 6 percent, non-metallic mineral products 3.72 percent, paper and board 10.37 percent and wood products 15.81 percent during July-August 2021-22 compared to the same period of 2020-21. During the period, fertilizers decline by 0.87 percent, electronics 1.23 percent and Rubber products decline by 30.81 percent.
The petroleum products on year-on-year witnessed growth of 2.35 percent in July-August 2021-22. High-speed diesel witnessed 5.29 percent negative growth. Furnace oil output declined by 7.84 percent. Motor spirit production increased by 7.48 percent, LPG 7.26 percent, Jet fuel oil 14.40 percent, Kerosene oil 1.06 percent.
Cement witnessed 4 percent growth in July-August 2021-22, and remained 7.454 million tonnes compared to 7.167 million tonnes during the same period of last year.
Tractors production increased 38.67 percent growth in July-August 2021-22, Motor cycles witnessed 1.6 percent growth, Jeep and Car production increased by 114 percent, trucks 76 percent over same period of last year.