June 15, 2022
The growth in exports is attributed to the continued rise of global commodity prices
Non-oil exports will amount to US$ 93 billion
Increased price competitiveness and advantages from trade diversions have also played a role in increasing exports
Growth forecast is subject to commodity price volatility and uncertainties due to geopolitical tensions
India’s total merchandise export valuation is expected to reach US$ 117.2 billion in the first quarter of FY23 as per India Exim Bank. The valuation of the total merchandise exports was US$ 95.5 billion in the corresponding quarter of the previous year.
The increase in exports is attributed to the continued rise of global commodity prices, driven by supply shocks, increased price competitiveness due to exchange rate movements, and advantages from trade diversions.
Non-oil exports will amount to US$ 93 billion, growing at 12.6%, in the first quarter (April-June) of 2022-23 as compared to US$ 82.6 billion in the previous year.
However, the growth forecast is subject to commodity price volatility and uncertainties in the global economy driven by geopolitical tensions.
