By Staff Reporter
ISLAMABAD: The large-scale manufacturing (LSM) sector expanded at its fastest pace in over a year, climbing 8.99% in July from a year earlier, fueled by a robust textile sector that saw exports soar 32% to $1.68 billion.
The LSM index, a key gauge of industrial activity, also rose 2.60% from June, according to data released Tuesday by the Pakistan Bureau of Statistics. The figures signal a strengthening recovery in Pakistan’s manufacturing base, which has faced headwinds from high borrowing costs and import restrictions.
Textiles, the backbone of Pakistan’s export economy, drove the gains, with the garments subsector alone contributing 3.80 percentage points to the overall growth. Other standout performers included automobiles, adding 1.33 points, petroleum products with 1.01 points, non-metallic mineral products at 0.96 points, food at 0.89 points, and furniture with 0.91 points. Paper and board chipped in 0.36 points.
Double-digit year-on-year growth was recorded across several industries: wearing apparel surged 24.8%, automobiles soared 57.8%, furniture jumped 86.8%, and transport equipment rose 45.8%. Coke and petroleum products gained 13.2%, rubber products 17.3%, non-metallic mineral products 16.5%, paper and board 15%, and football manufacturing 33.7%.
Not all sectors shared in the upswing. Beverages slid 6.19%, shaving 0.39 points off the index, while chemicals, including fertilizers, dipped 1.60%, trimming 0.24 points. Other laggards included machinery and equipment, down 22.8%, iron and steel products, off 3.69%, fabricated metal, down 3.55%, and wood products, declining 2.24%.
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