Industrial production falls 9.87% in July

The production of large industries decreased by 9.87 percent in the first 11 months of the preceding fiscal year. 

As per detail, production of major sectors decreased by 9.87 percent over the first 11 months of the previous fiscal year as compared to the prior year.

According to data on output published by the statistics department, the production of the textile sector has decreased further by 18.58 percent, that of the pharmaceutical industry by 26.15 percent, and that of the tobacco industry by 27.08 percent.

Further the output of paper and board has declined by 6.92 percent during the past 11 months, according to the Pakistan Bureau of Statistics (PBS), while the production of the wood industry plummeted by 62.05 percent from July to April.

Prior to this, the All Pakistan Textile Mills Association (APTMA) informed PM Shehbaz Sharif of a decline in output and cited the energy crisis, which included "expensive" power and gas with a 20% interest rate.

The manufacturing of iron and steel items declined by 4.76 percent, and the manufacturing of food products dropped by 7.54 percent.

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.