IANS | 08 Feb, 2024
India’s merchandise exports for the fourth quarter of FY24 will be
about $118.2 billion, logging a year-on-year (YoY) growth of 2.96 per
cent, the Export-Import Bank of India (India Exim Bank) forecasts.
According
to the India Exim Bank, the non-oil exports are forecast to amount to
$95 billion witnessing an yoy growth of 4.55 per cent, during Q4
(January-March) of FY2024.
These positive growth rates are
expected to be witnessed against the backdrop of negative growth seen
during the first two quarters of the year.
Positive growth in
India’s exports could be as a result of India’s strong gross domestic
product (GDP) growth fundamentals and outlook and expected global easing
of monetary tightening spurring global demand.
"The outlook is,
however, subject to risks of uncertain prospects for advanced economies,
geopolitical shocks, the middle east crisis leading to the
intensification of the Red Sea crisis and deepening geoeconomic
fragmentation, among other factors," India Exim Bank said on Wednesday.
According
to the bank, India’s total merchandise exports for the full year for
FY2024 are expected to be at $435.3 billion, while non-oil exports
figures are likely to be maintained at the previous year’s level.
However,
oil exports are expected to remain subdued during the year, contracting
by $12.5 billion, compared to FY2023. The next growth forecast for
India’s exports for the 1st quarter of FY 2025 (i.e. April-June 2024)
would be released during the first fortnight of May 2024.
