Insight Online News
New Delhi, Dec 13 : A sustained growth momentum in advanced economies, the resultant increase in global import demand along with favourable global commodity prices is set to push India’s merchandise exports for Q3 of FY2021-22 at US$ 105.8 billion, the Exim Bank has projected.
According to Exim Bank, outbound shipments have continueD to cross the US$ 100 bn mark, for the second consecutive quarter in a row.
India’s merchandise exports in Q3 of FY 2020-21 grew at 39.6 per cent to US$ 75.8 billion.
India’s non-oil exports are expected to touch US$ 89.1 billion, growing at 26.8 per cent, during the October-December quarter of FY 2021-22.
Exports in the non-oil category in the same period of FY 2021-22 touched US$ 70.3 billion for the corresponding quarter of the previous year.
India registered merchandise exports of US$ 29.88 billion in November 2021, an increase of 26.49 per cent over US$ 23.62 billion in November 2020 and an increase of 15.93 per cent over US$ 25.77 billion in November 2019.
India’s merchandise imports in November 2021 was US$ 53.15 billion, an increase of 57.18 per cent over US$ 33.81 billion in November 2020 and an increase of 37.96 per cent over US$ 38.52 billion in November 2019, as per data released by the Ministry of Commerce & Industry.
Forecast of growth in India’s total merchandise exports and non-oil exports by Exim Bank is based on the Export Leading Index (ELI) model developed as a leading indicator to estimate growth in total merchandise and non-oil exports of the country, on a quarterly basis, based on several external and domestic factors that could impact exports.
The next growth forecast for India’s exports for the January-March of FY ‘22 would be released during the first week of March 2022.