The merchandise exports of India is likely to touch an all-time record high of $447.3 billion during FY2023, despite a contraction in exports during the last two quarters of the current financial year.
Export-Import Bank of India (India Exim Bank) has said, although, a worsening global energy crisis, tighter monetary and financial circumstances, continued slowdown in a few key trading partners, and continued ambiguity surrounding the Russia-Ukraine war might all have a negative impact on India’s exports.
India’s total merchandise exports to consistently remain above $100 billion for the fourth consecutive quarter (January-March) of FY2023, while non-oil exports are forecast to amount to $87.7 bn during the same period.
Non-oil exports are forecast to amount to US$ 80.5 bn during the said period, (contracting by 9.7% over the previous year).
While a negative growth is likely to be witnessed during the first two months of the quarter, however due to recent domestic policy changes and envisaged improvement in the external environment, there could be a recovery in India’s exports in the coming months, the report further added.
Forecast of growth in India’s total merchandise exports and non-oil exports are released by Exim Bank on a quarterly basis, during the first week of the months of June, September, December, and March for the corresponding quarters, with continuous improvisation to the model. The next growth forecast for India’s exports for the 4th quarter of FY 2023 (i.e. January-March 2023) would be released during the first week of March 2023.
