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LSMI output increases by 3.55pc in November 2022

The output of the Large-Scale Manufacturing Industry (LSMI) increased by 3.55 percent in

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The output of the Large-Scale Manufacturing Industry (LSMI) increased by 3.55 percent in November 2022 as compared to the production of the previous month of the same year.

According to the provisional quantum indices of LSMI for November 2022 released by the Pakistan Bureau of Statistics (PBS), on a month-on-month basis (MoM), the LSMI index went up from 108.45 points in October 2022 to 112.30 points in November 2022.

On a year-on-year (YoY) basis, the production of Large-Scale Manufacturing Industries (LSMI) witnessed negative growth of 5.49 percent, the LSMI index went down from 118.81 points in November 2021 to 112.30 points in November 2022.

Overall the Large-Scale Manufacturing Sector has shown a decline of 3.58% during July-November (2022-23) as compared with the same period of last year. The LSMI during the first five months of the current fiscal year was recorded at 111.41 points as compared to 115.55 points during July-November (2021-22).

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The provisional quantum indices of Large-Scale Manufacturing Industries (LSMI) for November 2022 with the base year 2015-16 have been developed on the basis of the latest data supplied by the source agencies including the Ministry of Industries and Production, Ministry of Commerce and Provincial Bureaus of Statistics.

During the period from July-November, 2022 the sectors showing growth included wearing apparel 4.46 %, leather products 0.06 %, electrical equipment 0.04 percent, furniture 1.53% while other manufacturing grew by 0.17.

Meanwhile, the sectors showing a decline during the period under review included food 1.022%, beverages 0.26%, tobacco 0.57%, textile 2.47% wood products 0.05, paper and board 0.07%, coke and petroleum products 1.02%, chemicals 0.06%, pharmaceuticals 1.34%, rubber products 0.02%, no metallic mineral products 0.95%, iron and steel products 0.04%, fabricated metal 0.09%, wood products 0.05%, machinery and equipment 0.24%, automobiles and other transport equipment 1.27 and 0.36 % respectively.

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Net FDI plunges by 58.7pc in FY23

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Net FDI plunges by 58.7pc in FY23

The net Foreign Direct Investment (FDI) has plunged by 58.7 per cent during the current financial year (July-December FY23) as compared to corresponding period of FY22, Minister for Parliamentary Affairs Murtaza Javed Abbasi said Friday.

Replying to a query of Mushtaq Ahmed, during question hour in the Senate, he said the net FDI had decreased to $460.9 million from $1,114.8 million as compared to corresponding period of FY2021-22.

Quoting the State Bank of Pakistan (SBP) data of FY22, he said the net FDI stood at $1,867.8 million which was 2.6pc higher than corresponding period 2020-21 amount of $1,820.8 million.

While in the month of February 2022, the FDI decreased 33.7pc to $90.8 million from $137 million and net FDI during July-October 2022 decreased to 45.5pc to $396 million from $726.5 million.

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Highlighting reasons of decline, he said Covid-19 pandemic, high cost of doing business in the country; macroeconomic pressures such as current account and balance of payment deficit; disruption in food supply and energy prices due to Ukraine war, were the major reasons of decline in FDI.

He said the government was taking all possible steps and making efforts to attract FDI into the country and facilitate investors. Business climate was being improved through initiatives such as Pakistan Regulatory Modernization Initiative and other sector reforms, he added.

The establishment of special economic zones (SEZs) was being supported to promote industrialization in the country. Issuance of visa, branch/liaison office, security clearance and airport entry passes were being facilitated, the minister added.

He said the government was also addressing investor grievances through a special Cell, connected to online Portal. Projects portal and incentives’ portal had been created on the Board of Investment’s (BOI) website for the facilitation of potential investors, he added. 

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Tesla sales of China-made electric vehicles surge 18pc in January

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Tesla sales of China-made electric vehicles surge 18pc in January

Tesla Inc sold 66,051 China-made electric vehicles in January, data published by the China Passenger Car Association showed on Friday.

That was up 18% from December, when the US electric car maker sold 55,796 China-made vehicles, and 10% higher versus January last year.

Tesla’s Shanghai plant in December cut output by about a third from November, and extended a Lunar New Year holiday period for workers in January, to cope with rising inventory.

The company now plans to step up output at its Shanghai plant over the next two months to meet demand spurred by price cuts early last month on its best-selling models, Reuters reported on Wednesday, citing a planning memo and a person with knowledge of the plan.

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Tesla was the second best-selling electric vehicle maker in China last month after BYD Co Ltd (002594.SZ) which shipped 150,164 cars, the CPCA said. 

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Historic high: PKR depreciates Rs5.22 against dollar in interbank

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Historic high: PKR depreciates Rs5.22 against dollar in interbank

Setting new history in the country, the Pakistani rupee depreciated by Rs5.22 against the US dollar in the interbank market at close of trading on Friday.

The local currency was traded at Rs276.58 against the greenback at 3:20pm. The dollar also appreciated by Rs2 against the local currency to be traded at Rs277.50 in the open market.

According to a market analyst, the today’s statement issued by Prime Minister Shehbaz Sharif regarding the IMF’s giving tough time to the finance minister and the eoconomic team impacted the market sentiment.

On Thursday, the rupee remained under pressure, as it had settled at 271.36, a decline of Rs2.53 or 0.93 per cent against the dollar.

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Thursday’s closing was the weakest level for the local currency, and comes as talks between the IMF and Pakistan are continuing in the federal capital.

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