Global headwinds and recessionary trends in India’s biggest export destinations have led to the sequential fall in Indian merchandise exports.
Export-Import Bank of India (India Exim Bank) on Friday said it forecasts India’s total merchandise exports to $98.45 billion for the second quarter of FY22.
According to India Exim Bank, India’s merchandise exports during the second quarter of FY22 is expected to be $98.45 billion and non-oil exports to be $85.63 billion as against $74.02 billion and $66.73 billion respectively logged during the previous year corresponding period.
The rise in India’s exports could be attributed largely to the low base effect, pick-up in growth in advanced economies and the resultant increase in global import demand, India Exim Bank said.
Increase in commodity prices have also contributed to the increase in India’s exports.
Forecast of growth in India’s total merchandise exports and non-oil exports are released by India Exim Bank on a quarterly basis, during the first week of the months of June, September, December, and March for the corresponding quarters.
The next growth forecast for the third quarter – October-December 2021 – would be released during the first week of December 2021, India Exim Bank said.