The country’s total merchandise exports are expected to stand at $117.2 billion in the first quarter of FY23, according to India Exim Bank. Total merchandise exports stood at $95.5 billion in the corresponding quarter of the previous year, the bank said on Monday.
Non-oil exports continue to record double-digit growth of 12.6%, amounting to $93 billion, in the first quarter (April-June) of 2022-23, from $82.6 billion one year ago.
The rise in the country’s exports could be largely attributed to the continued rise in world commodity prices, driven by supply shocks, increased price competitiveness due to exchange rate fluctuations and the benefits of a possible trade diversion, according to the bank.
Growth forecasts could be subject to volatility in commodity prices and uncertainties in the global economy, mainly due to current geopolitical tensions, he said.
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