Pakistan’s cement industry maintained stable dispatches in March even as the Middle East conflict, which began on February 28, raised global energy and shipping risks, suggesting domestic construction activity remained largely unaffected while exports continued to grow.

Data from the All Pakistan Cement Manufacturers Association (APCMA) showed total cement dispatches, including domestic sales and exports, rose 1 percent year-on-year to 3.745 million tonnes in March.

Domestic sales dipped slightly by 0.2 percent to 3.097 million tonnes, primarily due to the slowdown during Ramazan and Eid holidays. Exports, however, saw stronger growth, climbing 6.56 percent to 648,564 tonnes despite elevated war risks and higher freight charges.

During the first nine months of fiscal year 2025-26, total cement dispatches reached 38.54 million tonnes, up 9.8 percent from 35.1 million tonnes in the same period last year. Domestic dispatches rose 10.61 percent to 31.6 million tonnes, while exports increased 6.25 percent to 6.94 million tonnes.

APCMA cautioned that ongoing geopolitical tensions continue to pose risks to the sector, which is energy-intensive and sensitive to fluctuations in oil and coal prices as well as potential supply chain disruptions. Meanwhile, Topline Securities estimated industry capacity utilization at 52 percent in March, slightly lower than 60 percent in February and 53 percent in March 2025.