Pakistan's major industries witness 10.26pc production decline in FY23

ISLAMABAD: The Pakistan Bureau of Statistics (PBS) on Monday revealed a significant downturn of 10.26 percent in the production of major industries in various sectors during the fiscal year 2023, ARY News reported.

According to the Bureau of Statistics, industrial production faced a substantial contraction of 14.96 percent compared to June last year.

Among the sectors grappling with this decline, the textile industry stands out with an alarming 18.68 percent reduction in production. The pharmaceutical sector, too, witnessed a significant setback, with its production plummeting by 28.55 percent.

The automobile industry, experienced a staggering 49.99 percent drop in production during the stated period. Moreover, machinery and equipment production recorded a steep decline of 64.43 percent.

The Bureau of Statistics also reports a downturn in the tobacco industry, which saw a production decrease of 28.36 percent. Similarly, the beverage and food industries recorded respective production drops of 6.43 percent and 6.90 percent, portraying a pervasive trend of contraction.

The production of wood products experienced an unprecedented decline of 59.18 percent, marking a remarkable departure from previous years, as noted by the Bureau of Statistics. Meanwhile, the production of computer electronics and optical products faced a downturn of 30.34 percent, adding to the comprehensive assessment of declining industrial output.

In contrast to the prevailing trend, the leather products industry demonstrated a modest 1.29 percent  increase in production, showcasing its resilience amidst the challenges. Similarly, the furniture sector managed to buck the trend with a substantial 35.15 percent increase in production.