Exim Bank Predicts Merchandise Exports for Q2 of FY23 at US$ 114.4 Bn

Export-Import Bank of India (Exim Bank) forecasts India’s total merchandise exports to amount to US$ 114.4 bn during the second quarter (July-September) of FY2023, growing at 11.4% over the corresponding quarter of the previous year. Non-oil exports are forecast to amount to US$ 91.7 bn during the said period, growing at 5.4% over the corresponding quarter of the previous year.  The rise in India’s exports could be shadowed by softening global commodity prices, possible slowdown in major trade partners, along with inflationary pressures and tight monetary policies around the world.  

Forecast of growth in India’s total merchandise exports and non-oil exports are released by Exim Bank on a quarterly basis, during the first week of the months of June, September, December, and March for the corresponding quarters, with continuous improvisation to the model. The next growth forecast for India’s exports for the 3rd quarter of FY 2023 (i.e. October-December 2022) would be released during the first week of December 2022.

The model and the forecast results have been reviewed by a standing technical committee of domain experts comprising Professor Saikat Sinha Roy, Professor & Coordinator, Centre for Advanced Studies, Department of Economics, Jadavpur University, Kolkata; Dr. Sarat Dhal, Director, Department of Economic and Policy Research, Reserve Bank of India, Mumbai; Professor N. R. Bhanumurthy, Vice Chancellor, BASE University, Bengaluru; and Professor C. Veeramani, Professor, Indira Gandhi Institute of Development Research (IGIDR), Mumbai.

As part of its continued research initiatives, Exim Bank has developed an in-house model to generate an Export Leading Index (ELI) for India to track and forecast the movement in India’s exports on a quarterly basis. The ELI gauges the outlook for the country’s exports and is essentially developed as a leading indicator to forecast growth in total merchandise and non-oil exports of the country, on a quarterly basis, based on several external and domestic factors that could impact exports of the country.