India Sees Record Merchandise Exports of $447.3 Billion in FY2023

The Export-Import Bank of India (India Exim Bank) has announced that India’s total merchandise exports for the fourth consecutive quarter (January-March) of fiscal year 2023 consistently exceeded 100 billion for the same period to USD 87.7 billion.

India’s exports may be overshadowed by the worsening global energy crisis, tighter global monetary and financial conditions, an ongoing slowdown in select key trading partners and ongoing uncertainty surrounding the Russia-Ukraine conflict, India Exim Bank said.

Despite a drop in exports in the last two quarters of the current fiscal year, India is expected to post an all-time record high in goods exports of US$447.3 billion in fiscal 2023. Non-oil exports are expected to reach $350.5 billion for the full year, she added.

Growth forecasts for India’s total merchandise exports and non-oil exports are released quarterly by Exim Bank during the first two weeks of June, September, December and March for the relevant quarters, with the model being continuously improvised.

The next growth forecast for India’s exports for Q1 FY2024 (ie April to June 2023) would be released in the first halves of June 2023.

As part of its continued research initiatives, Exim Bank has developed an in-house model to produce an Export Leading Index (ELI) for India to track and forecast the movement of Indian exports on a quarterly basis.

The ELI measures the outlook for the country’s exports and is essentially developed as a leading indicator to forecast the growth of the country’s total merchandise and non-oil exports on a quarterly basis based on several external and domestic factors affecting the country’s exports could impact country.

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