Export-Import Bank of India (India Exim Bank) forecasts India's total merchandise exports to amount to 78.6 billion dollars during the fourth quarter of 2020-21, growing at 4.9 per cent year-on-year.
Non-oil exports are likely to total up to 73.9 billion dollars in Q4, growing at 12 per cent from 65.9 billion dollars in the year-ago period.
Consequently, aggregate exports for 2020-21 are forecast to amount to 279.4 billion dollars, witnessing a contraction of 10.8 per cent over 2019-20.
Non-oil exports are forecast to amount to 256.8 billion dollars, witnessing a contraction of 5.6 per cent over 2019-20.
India Exim Bank said the fall in India's exports of petroleum products can be attributed largely to the global slump in demand and especially in the transportation and logistics sectors.
Considering the global contraction in trade due to pandemic, non-oil exports from India has been resilient. Despite serious disruptions and logistical constraints exports from India have remained upbeat.
The forecasts are based on India Exim Bank's export leading index model which has shown an upward movement during the same quarter. The next growth forecast for India's exports for the quarter April to June 2021 will be released during the first week of June.
( With inputs from ANI )
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