Merchandise Exports in FY24 May Rise by 2.2 PC to $446 bn: EXIM
Strong agriculture, manufacturing revival, and global demand drive export growth amid geopolitical risks.
Chennai: India’s total merchandise exports for FY25 are expected to be $446.5 billion, witnessing a 2.2 per cent increase over FY2024, finds EXIM Bank.
India’s total merchandise exports for the full year for FY2025 are expected to be US$ 446.5 billion, witnessing 2.2 per cent increase over $437.06 billion in FY2024. In FY24, merchandise exports had declined 3.10 per cent to $437.06 billion against $451.07 billion in the previous fiscal.
Non-oil exports are forecasted at $382 billion, while non-oil and non-gems and jewellery exports are forecast to touch $350 billion for FY2025.
In the March quarter, total merchandise exports are expected to reach $124.8 billion with a growth of 3.64 per cent. Non-oil exports are expected to reach $109.3 billion, marking an 11.34 per cent growth. Non-oil and non-gems and jewellery exports are forecast to amount to $98.5 billion, with a y-o-y growth of 10.1 per cent, during Q4 FY25.
India's merchandise exports from April to December 2024 were valued at $321.71 billion, a 1.6 per cent increase from the same period in 2023.
Positive growth in India’s exports could be a result of a strong agricultural harvest, a revival in manufacturing activity and improving demand prospects in trading partners. The positive growth rate in total merchandise exports, non-oil exports, and non-oil and non-gems and jewellery exports, are likely to continue in the first quarter of the next financial year. The outlook is, however, subject to risks of global trade policy uncertainty, rising geo-economic fragmentation and persisting geo-political tensions, found Exim Bank.
