US, UAE, Singapore, South Africa give a fillip to India's exports in Feb

A turnaround in February shipments to key export destinations such as the US, United Arab Emirates (UAE), Singapore and South Africa led to double-digit export growth from India touching a 20-month high.

After growth in merchandise exports remained in negative territory for most of 2023, outbound shipments have turned positive for three consecutive months since December last year despite the continuing global economic turmoil.

Last week, Fitch Ratings raised its global growth forecast by 30 basis points (bps) to 2.4 per cent, saying that near-term world growth prospects have improved.