Chennai: Merchandise exports from India in the ongoing September quarter are projected to grow by 4.2 per cent to $111.7 billion, according to the Exim Bank.
While the merchandise export for the second quarter of the fiscal is projected to grow by 4.2 per cent, the growth will be slower than the first quarter which saw merchandise exports growing by 5.8 per cent.
In the June quarter of this fiscal, the country had shipped merchandise worth $109.96 billion. As per Exim’s projections, for the first half of the fiscal, the country would have exported merchandise valued at $221.66 billion, registering a growth of 4.85 per cent against $211.4 billion recorded in the first half of last fiscal.
According to Exim Bank, positive growth in exports could be a result of India’s continued strong economic activity backed by sustained momentum in the manufacturing and services sector, expected global monetary easing, and improving demand prospects in trading partners.
According to the World Trade Organization (WTO), global merchandise trade volume is anticipated to grow 2.5 per cent in 2024 and this provides support for India's exports.
“The outlook is, however, subject to risks of uncertain prospects for advanced economies, geopolitical shocks, the Middle East crisis, global supply chain disruptions, and deepening geo-economic fragmentation, among other factors,” it said.
Further, the Exim Bank anticipates non-oil exports to amount to $89.8 billion, reflecting a y-o-y growth of 6.26 per cent in the July-September quarter of the fiscal.
The positive growth rate in total merchandise exports and non-oil exports, as witnessed in the previous three quarters, is likely to continue, it said.
