New Delhi: In the middle of rising export of the nation, The India Exim Bank has predicted that the merchandise export of the country in Q1 of FY23 may be USD 117.2 billion. “The total merchandise exports stood at USD 95.5 billion in the corresponding quarter of the previous year,” the statement released by the Bank on Monday said.
According to a media report, Non-oil exports continue to witness a double-digit growth of 12.6 percent, 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 growth forecast may be subject to commodity price volatility and uncertainties in the global economy, mainly driven by the current geopolitical tension, Bank said.
India’s merchandise exports touched a record $420 billion in 2021-22, led by robust growth in petroleum products, engineering, gems and jewelry, chemicals, and pharmaceuticals.
The top exports of India have Refined Petroleum ($25.3B), Packaged Medicaments ($17.8B), Diamonds ($16B), Rice ($8.21B), and Jewellery ($7.57B), exporting mostly to the United States ($49.7B), China ($18.5B), United Arab Emirates ($18.1B), Hong Kong ($9.18B), and Germany ($8.8B).
(Vinayak)
