India’s total merchandise exports could total $117.2 billion in the first quarter of fiscal 2023, higher than the total merchandise exports of $95.5 billion in the corresponding quarter a year ago, according to India Exim Bank.
Non-oil exports can register double-digit growth of 12.6 percent, amounting to $93 billion, during the April-June quarter of 2022-23, as against $82.6 billion in the year-ago period.
According to the bank, the increase in exports is mostly due to sustained increases in global commodity prices, which are driven by supply shocks, higher pricing competitiveness due to exchange rate changes, and gains from possible trade diversions.
The growth forecast can be revised as there is huge volatility in commodity prices and uncertainties in the global economy, mainly due to the ongoing geopolitical tension, it said.