Exports will reach $414 billion: Exim Bank
Chenai: Despite geopolitical tensions, India, for the first time ever, is set to cross the $400 billion mark in exports this year, according to Exim Bank projections.
India’s exports for the March quarter are expected to cross the $100 billion mark for the third quarter in a row, amounting to $111.3 billion. Compared to the same quarter last year, the county would register a growth of 23%. Of this amount, non-oil exports will amount to $95.2 billion, up 15.8% from the year-ago quarter.
Total merchandise exports for the year as a whole are expected to be $414.8 billion, up 42% from last year. Non-oil exports for the year as a whole are expected to be around $353.4 billion, up 33%, over the same period.
“This is the first time that we have crossed the 400 billion dollar mark in exports. The previous peak was around $320 billion a few years ago,” said K .Unnikrishnan, deputy general manager of Fieo.
“Until the end of February, we have already made $372 billion in exports and we can easily exceed $400 billion in March… Moreover, the Russian-Ukrainian crisis has not started to affect trade in general as orders had already been placed and the goods were moving. Apart from an uncertainty in shipments to Russia and CIS countries, other markets are doing well. However, we are concerned for the quarter of April to June in case the crisis worsens and starts to affect trade across the world,” he said.