Exports to cross $100 billion in Q3

The Export-Import Bank of India has forecast that merchandise exports in the December quarter will cross the $100-billion mark for the second consecutive quarter. By the end of the December quarter, the country would have crossed $300 billion in exports and would be well poised to achieve the $400billion target for the fiscal, the Exim Bank said.

For the December quarter, the bank predicts merchandise exports of $105.8 billion. This would be a

39.6 per cent growth over

$75.8 billion exports in the same quarter last year. Of this, non-oil exports are expected to amount to

$89.1 billion, growing at

26.8 per cent over $70.3 billion in the corresponding quarter of FY21.

The Exim Bank has attributed the rise in India’s exports largely to the continued growth momentum in advanced economies and the resultant increase in global import demand along with favourable global commodity prices.

In the June quarter, Indian merchandise exports were a little over

$95 billion. Exports surpassed the $100 billion mark in the quarter ending September. India clocked a total of $101.89 billion in exports during the July-September quarter. With this, India’s exports reached $197 billion in the first two quarters

of the fiscal.

Considering the forecast of exports turnover moving beyond $300 billion, if the export turnover in the March quarter touches

$100 billion, then the country will achieve exports of

$400 billion– the target fixed by the government

for the fiscal.

“The exports for the fiscal will cross the target of $400 billion. Usually February and March record higher exports compared to the preceding months,” said K. Unnikrishnan, deputy director general, Fieo.