Exim Bank sees exports growing 4.9% in Q4

Aggregate exports for FY21 are likely to be at $279.4 billion, down 10.8 per cent over FY20, the bank said.

Mumbai: Exim Bank on Monday said it expects merchandise exports to touch $78.6 billion logging in a 4.9 per cent growth on-year in the March quarter, of which non-oil exports are seen at $73.9 billion – 12 per cent more than the year-ago period. During the March quarter of FY20, merchandise exports stood at $74.9 billion and non-oil shipments at $65.9 billion, Exim Bank said in a statement on Monday.

Aggregate exports for FY21 are likely to be at $279.4 billion, down 10.8 per cent over FY20, the bank said, adding non-oil exports are seen at $256.8 billion, down 5.6 per cent. The fall in exports of petroleum products can be attributed largely to the global slump in demand and especially in the transportation and logistics sectors following the pandemic.

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Considering the global contraction in trade due to pandemic, non-oil exports has been resilient, as despite serious disruptions and logistical constraints exports remained upbeat, it said.

Merchandise exports contracted 36.7 per cent to $51.3 billion in Q1 from $81.1 billion in Q1 FY20, but imports fell a much sharper 52.4 per cent to $60.4 billion in the same period as against $127 billion a year ago due to the pandemic.

Between April and December 2020 trade deficit plunged to $57.5 billion from $125.9 billion in the corresponding period of the previous fiscal.

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