Exim Bank expects 12.3% growth in exports during Apr-Jun quarter

New Delhi: The Export-Import Bank of India on Thursday said India's merchandise exports would grow by 12.3 per cent year-on-year to $116.7 billion in the April-June quarter this fiscal. "These positive growth rates are expected to be witnessed in continuation of the positive growth witnessed during the last two quarters of the previous financial year," India Exim Bank said in a statement.

The positive growth in India's exports could be the result of the country's GDP growth fundamentals and outlook, and sustained momentum in the manufacturing and services sector, it added. "Export-Import Bank of India forecasts India's total merchandise exports to amount to $116.7 billion, witnessing a y-o-y growth of 12.3 per cent," it said.

It added that the growth in exports is expected to continue to witness a positive momentum in the forthcoming quarters. However, it cautioned that the outlook is subject to risks of uncertain prospects for advanced economies, geopolitical shocks, and the Middle East crisis, leading to the intensification of the Red Sea crisis and deepening geo-economic fragmentation, among other factors.