LSMI Contracts by 3.2% in April 2025
Staff Report :
Islamabad: The latest data released by the Pakistan Bureau of Statistics (PBS) indicates a sharp slowdown in industrial momentum where in LSMI stood at 108.4, (down 3.20%MoM) during April’25 despite improving macroeconomic indicators such as falling inflation and interest rates.
During 10MFY25, the LSMI contracted by 1.5%YoY, with the LSMI reported at 114.8 compared to 116.5 in the same period last year.
However, on a year-on year basis, the LSMI increased by 2.3%YoY, compared to April’24. The improvement was driven by Automobiles, Textiles, Petroleum Products and Pharmaceuticals.
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MoM decline of 3.2% led by Food Sector, the LSMI output during April’25 posted a decline of 3.2%MoM.
This decrease was witnessed in output of Food, Non-metallic Minerals, Wearing Apparel, Fertilizers and Paper & Board, which declined by 16%MoM, 14.5%MoM 10%MoM, 5.3%MoM, 9.8%MoM respectively. The Food sector posted a reduction mainly due to confectionary and bakery products (down 95.9%MoM).
Furthermore, the Non-metallic sector posted decline of 14.5%MoM mainly led by cement production (down 15.4%MoM) on the back of supply chain disruptions due to canal protest in several parts of Sindh.
The Wearing Apparel sector, specifically the garments industry declined by 10%MoM on the back of lower textile exports (down 15%MoM) due to supply chain disruptions.
On the other hand, the Automobiles sector posted robust growth of 29.4%MoM mainly due to low base effect. Moreover, Petroleum Products sector increased by 2%MoM on the back of higher volumetric sales during the period.
LSMI lowered by 1.52YoY in 10MFY25 On cumulative basis, LSMI declined by 1.5%YoY during 10MFY25. The sluggish cumulative performance stems from decrease in Non Metallic (down 9.45%YoY), Iron & Steel (down 10%YoY), Chemical Products (down 12.1%YoY), Electrical Equipment (down 14.3%YoY), Furniture (down 60%YoY), Machinery (down 34%YoY, and other Manufacturing (down 17%YoY).
The decline is mainly due to lower demand for these sectors related to capital goods and construction related industry on the back of higher construction costs.
On the flipside, during 10MFY25 consumer durables goods related sectors showed growth wherein Autos (up 42%YoY), Textile (up 3%YoY), Wearing Apparel (up 6%YoY), Pharmaceuticals (up 2.8%YoY), Petroleum (up 5%YoY), Tobacco (up 12.4%YoY) and Other Transport Equipment (up 34%YoY).
