ISLAMABAD: The Large-Scale Manufacturing Industries (LSMIs) output in May 2020 plunged by 24.80 percent year-on-year as almost all the major manufacturing sectors posted a negative growth, the data released by the Pakistan Bureau of Statistics (PBS) showed Tuesday.
According to provisional Quantum Index numbers of Large Scale Manufacturing Industries (QIM) for the first eleven months of the last fiscal year (July-May), the overall output declined by 10.32 percent as compared to the same period of 2018-2019.
Textile, top contributing sector to the overall big industry output, fell 30.45 percent, coke and petroleum products 18.19 percent, chemicals 27.58 percent, automobiles 79.02 percent, iron and steel products 31.16 percent, electronics 81.60 percent, leather products 53.86 percent, wood products 89.57 percent, and non-metallic mineral products 36.19 percent during May 2020. Of the 11 sectors under the Oil Companies Advisory Committee (OCAC), 10 showed negative growth.
The Ministry of Industries also reported across-the-board declines barring only the fertiliser sector, which witnessed 3.80 percent growth during the month under review.
The LSMI output decreased by 24.80 percent for May, 2020 compared to May, 2019 as it went down from 136.85 points to 102.91 points, and increased by 20.50 percent as compared to April, 2020 i.e. went up from 85.40 points.
The provisional quantum indices of LSMI for May, 2020 with base year 2005-2006 have been developed on the basis of latest data supplied by the source agencies such as the OCAC, the Ministry of Industries and Provincial Bureau of Statistics (BOS).
Cumulatively, during the first eleven months of the last fiscal year, the overall output of LSMI declined by 10.32 percent as the production indices fell from 144.83 to 129.89 points.
The production in July-May 2019-2020 as compared to July-May 2018-2019 has increased in fertilisers by 5.64 percent and paper and board by 2.12 percent, while it has significantly decreased in respect of textile by 10.66 percent, food, beverages and tobacco 3.76 percent, coke and petroleum products 20.87 percent, pharmaceuticals 4.39 percent, automobiles 44.79 percent, iron and steel products 17.02 percent, engineering products 18.16 percent, and electronics 25.63 percent.
Copyright Business Recorder, 2020
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