According to India Exim Bank, the country's total merchandise exports are expected to be at $117.2 billion in the first quarter (Q1) of FY23.

The total merchandise exports stood at $95.5 billion in the related quarter of the prior year, the bank said.

Non-oil exports continue to see a double-digit growth of 12.6%, amounting to $93 billion, during the first quarter of 2022-23, against $82.6 billion in the year-ago time.

As per the bank, the upgrade in the country's exports could be attributed largely to the continued growth in global commodity costs, driven by supply shocks, enhanced cost competitiveness owing to exchange rate movements and benefits from possible trade diversion.

The growth prediction may be subject to commodity cost volatility and uncertainties in the global economy, primarily pushed by the current geopolitical tension.

Exim Bank was launched by the Government of India (GoI), under the Export-Import Bank of India Act, 1981, as a purveyor of export credit, reflecting global Export Credit Agencies. Exim Bank functions as a growth engine for industries and Small and medium-sized enterprises (SMEs) via a broad range of products and services.

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