ISLAMABAD:Domestic tractor assembling decreased by 37.4 percent during the first two-months months of the current financial year as compared to the assembling of the corresponding period of last year.
During the period from July-August, 2022, about 5,810 tractors were locally assembled as against the assembling of 9,284 tractors of same months of last year.
Month on month basis, the domestic production of tractors also witnessed negative growth of 27.1 percent in August, 2022 as compared to the assembling of the same month of last year, according to the quantum indices of Large Scale Manufacturing Industries (LSMI) release by Pakistan Bureau of Statistics.
In August, 2022, about 3,410 tractors were assembled in the country as compared to the assembling of 4,675 tractors of same month last year.
However, local production of buses and diesel engines in the last two months witnessed 68.9 percent and 76.2 percent growth respectively as compared to the production of same period of last year.
During the period from July-August, 2022 about 179 buses were assembled as against 106 buses of same period last year, whereas 430 diesel engines were produced as compared to the production of 244 buses of same period last year.
Meanwhile, the production of Large-Scale Manufacturing Industries (LSMI) witnessed a growth of 0.6 per cent on year-on-year basis during the month of August 2022 as compared to the same month of last year as LSMI index went up from 114.1 points in August 2021 to 114.8 points in August 2022.
Month-on-month basis, the industry grew by 3.9 per cent during the month under review as compared to 110.05 points during July 2022.
However, overall the Large-Scale Manufacturing Sector has shown a decline of 0.4% during July-August (2022-23) when compared with the same period of last year.
The LSMI during the first two months of the current fiscal year was recorded at 112.6 points as compared to 113.1 points during July-August (2021-22).
The main contributors towards the overall negative growth of 0.4 per cent were, garments (5.3), petroleum products (-1.2), cement (-2.0), fertilizers (-0.2) and iron and steel products (0.5).
The major sectors that showed positive growth during July-August (2022-23) included wearing apparel (5.3%), leather products (0.1%), paper and board (0.1%), chemicals (0.2%), iron and steel products (0.5%), furniture (2.3%) and other manufacturing (0.1%).