Exim Bank estimates India’s first quarter merchandise exports at $ 87.2 billion, Auto News, ET Auto
Export-Import Bank of India (Exim Bank) forecast India’s total merchandise exports for the first quarter of FY22 to reach $ 87.2 billion.
It would be around 70% higher than the $ 51.3 billion in the same quarter last year, Exim Bank said in a statement.
Non-oil exports are forecast to increase more than 68% year-on-year to $ 78.26 billion, from $ 46.4 billion in April-June, FY21.
“The strong increase in Indian exports could be attributed in large part to the weak base effect, the recovery in world oil prices and the strong growth in advanced economies,” he said.
While the peak of the second wave of infections of the Covid-19 pandemic observed in India at the end of April-May 2021, could have dampened exports to some extent during the quarter, exports from India were nevertheless relatively resistant.
The forecast is based on India’s Exim Bank’s Export Leading Index (ELI) model, which showed upward movement in the same quarter.