Major Industrial production drops by 9.87% from July-May
- By Web Desk -
- Jul 13, 2023
A decrease of 9.87 percent has been witnessed in the production of major industries during the first 11 months of the previous fiscal year, ARY News reported.
According to the details, a decrease of 9.87 percent was witnessed in the production of major industries during the first 11 months of the previous fiscal year as compared to the previous year.
The statistics department has provided the figures of the production, there has been a further decline in the production of the textile sector by 18.58 percent, pharmaceuticals by 26.15 percent, and tobacco by 27.08 percent.
According to the Pakistan Bureau of Statistics (PBS), there has been a decrease of 6.92 percent in the production of paper and board during the 11 months, while the production of the timber industry decreased by 62.05 percent from July to April.
Read more: Pakistan’s textile production sees drop due to energy crisis
The production of iron and steel products decreased by 4.76 percent, and the production of food industries declined by 7.54 percent.
Earlier, All Pakistan Textile Mills Association (APTMA) apprised Prime Minister (PM) Shehbaz Sharif of drop in production, citing energy crisis including ‘expensive’ electricity and gas with a 20 percent interest rate.
The letter stated that the State Bank of Pakistan (SBP) was not opening the letter of credit (LCs) for the import of essential raw materials, which is causing difficulties in textile production.