KARACHI: Pakistan’s manufacturing sector growth slowed to a seven-month low in April, with the HBL Pakistan Manufacturing Purchasing Managers’ Index (PMI)easing to 51.9 from 52.7 in March, as concerns over global trade weighed, HBL said in a press release.
The latest dip in the index hints at the impact of US President Donald Trump’s trade tariffs, said Humaira Qamar, Head of Equities & Research at HBL.
“We believe that the latest PMI dips are early signs of the headwinds to the global economy from the introduction of US tariffs,” said Humaira Qamar — Head Equities & Research at HBL.
New orders slumped while export orders in particular plummeted. Employment fell for a second month as firms cut costs, said Qamar.
Qamar warned that any US stagflation would hurt Pakistan’s exports, particularly to the US which accounts for 18 percent of its total, potentially prolonging the manufacturing downturn, though lower commodity prices could provide some relief, she added.
Despite the slowdown, the PMI remains above 50, indicating expansion amid a favorable inflation outlook.
Qamar said she expects an interest rate cut on Monday due to strong deflationary pressures. But a Reuters poll suggests Pakistan’s State Bank will hold rates steady at 12 percent, following a surprise pause in its last meeting due to geopolitical tensions and inflation concerns.
Pakistan’s annual inflation rate fell to 0.3 percent in April, well below the Ministry of Finance estimate of 1.5 percent to 2 percent. The central bank forecasts average inflation to be in the range of 5.5 percent to 7.5 percent for the fiscal year ending June.
Pakistan’s largest bank, HBL, and global financial information and analytics firm S&P Global launched the index In February to track the country’s manufacturing sector.
Pakistan’s factory PMI dips in early sign of global tariff headwinds
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Pakistan’s factory PMI dips in early sign of global tariff headwinds
- New orders slumped while export orders in particular plummeted
- Employment fell for a second month as manufacturers cut costs
Pakistanis among 44 migrants rescued by aid ship off Libyan coast
- Survivors rescued after days at sea on unseaworthy boat in international waters
- Pakistanis have featured in several deadly Mediterranean migrant disasters in recent years
Crew members of the humanitarian rescue ship Ocean Viking evacuated and provided first aid to 44 migrants stranded aboard a merchant vessel in international waters off the Libyan coast, the NGO SOS Mediterranee said on Monday.
The group, originating mainly from Bangladesh, Pakistan and Egypt, had been rescued earlier from an unseaworthy fiberglass boat and later transferred to the merchant ship before the Ocean Viking intervened, according to the organization.
Libya, about 300 kilometers from Italy, remains one of the main departure points in North Africa for migrants attempting the dangerous Mediterranean crossing, despite repeated warnings from humanitarian agencies about abuse, exploitation and high fatality rates along the route.
Migrants often depart Libya after months in detention centers or informal holding sites, boarding overcrowded and unsafe vessels operated by smuggling networks. Delays in rescue frequently leave survivors severely weakened, aid groups say.
“These 44 people, they are mainly from Bangladesh, Pakistan, and Egypt. They departed reportedly from Benghazi (Libya) some five or six days ago. And they are now safe on board the Ocean Viking, recovering,” Francesco Creazzo, spokesperson for SOS Mediterranee, said.
Creazzo said the migrants were found in severe physical distress when evacuated.
“They were exhausted, coughing of dehydration, extremely weak, some couldn’t walk,” he added.
The Ocean Viking, an ambulance ship operated by SOS Mediterranee, regularly conducts search-and-rescue missions in the central Mediterranean, one of the world’s deadliest migration routes. According to international organizations, thousands of people have died or gone missing in the Mediterranean over the past decade while attempting to reach Europe.
The latest rescue comes amid a series of deadly migrant disasters in the Mediterranean in recent years that have involved Pakistani nationals. In June 2023, at least several hundred migrants died when the Adriana, a fishing trawler carrying migrants from Pakistan and other countries, capsized off the coast of Greece in one of the deadliest maritime disasters in the region in a decade.
Earlier incidents have also seen Pakistani migrants perish in shipwrecks off Italy, Tunisia and Libya, highlighting the persistent risks faced by people attempting irregular sea crossings to Europe. Pakistani authorities have repeatedly urged citizens not to undertake the journey, while international agencies warn that smugglers continue to exploit economic hardship and conflict to lure migrants onto unsafe boats.
