India's Q1 merchandise exports may grow to $87.2 billion: Exim Bank

The country's total merchandise exports are projected to grow 70.1 per cent to $87.2 billion in the first quarter of fiscal 2021-22 from $51.3 billion in the year, Export-Import Bank of India (India Exim Bank) said.

The non-oil exports may jump 68.5 per cent to $78.26 billion in the April-June period as compared with $46.4 billion in the corresponding period of fiscal 2020-21, it said.

"The sharp rise in India's exports could be attributed largely to the low base effect, pick up in global oil prices, and strong growth in advanced economies," according to a quarterly forecast by India Exim Bank.

While the peak of the second wave of infections of the Covid-19 pandemic witnessed in the country during the end April-May 2021 could have subdued exports during the quarter to some extent, outbound shipments from India have nevertheless been relatively resilient, it said.

The forecasts are based on India Exim Bank's Export Leading Index (ELI) model, which has shown an upward movement during the same quarter, it said.