Right now, the Pakistani economy is dealing with a plethora of issues that affect everyone from large corporations to regular wage workers. Recent data from the Pakistan Bureau of Statistics, which paints a concerning picture, emphasize this.
The most recent Large Scale Manufacturing Index, which indicates a nearly 1% decrease from July to November of last year, emphasizes how muted industrial activity is still. Consumers, meanwhile, are struggling with skyrocketing inflation, which is consistently hovering around 30 percent.
The import and consumption patterns of refined petroleum products and crude oil, which are subject to fluctuations in economic cycles, provide additional insight into the state of business activities. According to a report by a top brokerage firm, Pakistan’s petroleum import volumes dropped precipitously in the second half of 2023, by roughly 24 percent, when compared to the same period the year before. Notably, imports of gasoline saw a 5% decrease while those of High-Speed Diesel (HSD), which is frequently used as a gauge for industrial activity, fell by 36%.
HSD is widely utilized in big vehicles and heavy machinery in a variety of industries, including logistics and agriculture, demonstrating its pervasive importance in the nation’s business activities.
