India's exports expected to grow by 33% during the second quarter

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India's exports expected to grow by 33% during the second quarter
Representative imageIANS
India's total merchandise exports are expected to grow by 33 per cent during the second quarter of FY22, the Export-Import Bank of India said on Friday.

Accordingly, India Exim Bank forecast total merchandise exports in Q2FY22 to grow to $98.45 billion from $74.02 billion reported for the corresponding quarter of the previous financial year.

Besides, non-oil exports are expected to rise 28.3 per cent to $85.63 billion, as compared to $66.73 billion reported for the corresponding quarter of the last fiscal.

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"The rise in India's exports could be attributed largely to the low base effect, pick-up in growth in advanced economies and the resultant increase in global import demand," India Exim Bank said in a statement.

"Increase in commodity prices have also contributed to the increase in India's exports," it added.

The forecasts are based on India Exim Bank's Export Leading Index (ELI) model.

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These forecast are released by India Exim Bank on a quarterly basis, during the first week of June, September, December and March for the corresponding quarters.

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