According to the Export-Import Bank of India, India’s merchandise exports will grow by 33% in the second quarter of FY22.
India Exim Bank predicts that total merchandise exports will increase to $98.45 Billion in Q2FY22, compared to $74.02 Billion reported for the same quarter last financial year.
Non-oil exports are also expected to increase 28.3% to $85.63 trillion, compared with $66.73 billion for the same quarter last fiscal.
India Exim Bank stated in a statement that the rise in India’s exports could be attributed to the low base effect and pick-up of growth in advanced countries, as well as the increase in global import demand.
It added that the rise in commodity prices has also contributed to India’s increase in exports.
These forecasts are based upon India Exim Bank’s Export Leading Index model (ELI).
These forecasts are published by India Exim Bank quarterly, in the first week of June and September for the respective quarters.