During the first quarter of 2021-22, India’s total merchandise exports is expected to grow by 70.1 per cent compared to the corresponding quarter of the previous year, forecasted Export-Import Bank of India (India Exim Bank). This rise is mainly due to the low base effect, pick up in global oil prices, and strong growth in advanced economies.
The bank predicted total merchandise exports will be at $87.2 billion, growing at 70.1 per cent in Q1FY2022 as compared to $51.3 billion for the corresponding quarter of the previous year. I
t is forecasted that non-oil exports to amount to $78.26 billion, an increase of 68.5 per cent during the Q1 of FY 2022, as compared to $46.4 billion for the corresponding quarter of the previous year.
The report stated that despite the peak of the second wave of COVID-19 in India, exports from India were more or less “relatively resilient”.
The forecasts are based on India Exim Bank’s Export Leading Index (ELI) Model, which has shown an upward movement during the same quarter. The next growth forecast for India’s exports for the quarter July-September 2021 would be released during the first week of September 2021.