Exports May Cross $114 Billion In The Second Quarter

Exports may cross $114 billion in the second quarter, know what Exim Bank data says.

India’s merchandise exports may increase by 11.4 percent to $114.4 billion between the second quarter (July-September) of this fiscal. This information was given in the forecast released by Exim Bank.

According to a news agency report, the Export-Import Bank of India (Exim Bank), while releasing the data, said that this increase in exports in the second quarter will be due to the reduction in global commodity prices.

At the same time, it was further said that due to the fear of a slowdown in the economy of India’s major trading partners, inflationary pressures and increasing interest rates may put pressure on the growth in exports.

Exports may cross $114 billion in the second quarter: A forecast is issued every quarter.

The forecast is issued by Exim Bank in the first week of the last month of every quarter. Forecast figures are released by the bank in the first week of June, September, December, and March.

The Bank uses the In-House Export Leading Index (ELI) to issue pre-estimate estimates, with the help of which the country’s exports are tracked and forecasted.

The country’s increasing trade deficit.

Along with India’s exports, imports are also increasing, due to which India’s trade deficit is increasing.

In August’s import-export data released by the government, it was told that in August, the country exported a total of $ 33 billion, while imports of $ 61.68 billion.

During this period, India’s trade deficit stood at $ 28.68 billion, which was 45.09 percent higher than last year in the same period.

India’s exports will increase.

Earlier, Commerce Secretary PVR Subramaniam had said that looking at the current trend, it looks like India’s exports may cross $ 750 billion in the financial year 2022-23.

India’s exports stood at $676 billion in the last fiscal.