Export-Import Bank of India has predicted that the country’s total merchandise exports for the March quarter will amount to $118.2 billion. With this, total merchandise exports for FY24 is expected to be marginally down to $435 billion.
According to EXIM bank, the merchandise exports for the March quarter is likely to be valued at $118.2 billion, which would be 2.96 per cent less than the exports in the same quarter of FY23.
This would take the total merchandise exports to $435.22 billion as the country has earned $317.12 billion for exports between April and December. This would be 1.53 per cent lower than the total exports of FY23 at $442 billion.
While non-oil exports figures are likely to be maintained at the previous year’s level, oil exports are expected to remain subdued during the year, contracting by $12.5 billion against that in FY2023.
Further, in the months of February and March exports are likely to be valued at $85.29 billion as exports in January stood at $32.91 billion.
In the March quarter, non-oil exports are predicted to amount to $95 billion, witnessing an y-o-y growth of 4.55 per cent.
According to Exim Bank, these positive growth rates are expected to be witnessed against the backdrop of negative growth seen during the first two quarters of the year. Positive growth in India’s exports could be as a result of India’s strong GDP growth fundamentals and outlook and expected global easing of monetary tightening spurring global demand.
“The outlook is, however, subject to risks of uncertain prospects for advanced economies, geopolitical shocks, the Middle East crisis leading to the intensification of the Red Sea crisis and deepening geo-economic fragmentation, among other factors,” it said.