Exim Bank estimates India's merchandise exports at $117.2 bn in Q1FY23

The country's total merchandise exports are likely to be at USD 117.2 billion in the first quarter of FY23, according to India Exim Bank.

The total merchandise exports stood at USD 95.5 billion in the corresponding quarter of the previous year, the bank said on Monday.

Non-oil exports continue to witness a double-digit growth of 12.6 per cent, amounting to USD 93 billion, during the first quarter (April-June) of 2022-23, compared to USD 82.6 billion in the year-ago period.

The rise in the country's exports could be attributed largely to the continued increase in global commodity prices, driven by supply shocks, enhanced price competitiveness owing to exchange rate movements, and benefits from possible trade diversion, as per the bank.

The growth forecast may be subject to commodity price volatility and uncertainties in the global economy, mainly driven by the current geopolitical tension, it said.