India’s merchandise exports to grow by 12.3% in June quarter: Exim Bank
NEW DELHI : The Export-Import Bank of India has predicted that India's total merchandise exports will reach $116.7 billion in the ongoing first financial quarter, growing 12.3% year-on-year on strong economic fundamentals and sustained manufacturing and services activity. The Exim Bank also projected non-oil exports to grow by 10.7% to reach $93.9 billion in the first quarter. Exim Bank's report underscored that an anticipated global easing of monetary tightening is expected to enhance global demand, which would provide further support to India's export growth.
“The positive outlook for India's exports is supported by several factors. The key drivers for it are strong GDP growth fundamentals and outlook, along with sustained momentum in the manufacturing and services sectors," India Exim Bank said in its report. The projections are in sync with the World Trade Organization’s positive outlook for global trade, which is expected to benefit India's export growth.
In its latest trade forecast, WTO estimated that global goods and merchandise trade would recover gradually this year from the downturn in 2023 due to high energy prices and inflation. In its Global Trade Outlook and Statistics report, WTO projected the volume of global merchandise trade to increase by 2.6% in 2024 and by 3.3% in 2025, benefitting from easing economic pressures and rising incomes. Also read: India's electronics, pharma, engineering goods exports beat global trade blues Exim Bank's forecast for India’s export growth follows recent data showing a narrowing merchandise trade deficit.
Read more on livemint.com
