Exim Bank has expected exports growth at 4.9 percent on-year in the March quarter. It is expected, merchandise exports to touch USD 78.6 billion, out of which non-oil exports are seen at USD 73.9 billion which is 12 percent more than the year-ago period.
However, during the March quarter of FY20, merchandise exports stood at USD 74.9 billion and non-oil shipments at USD 65.9 billion, Exim Bank said in a statement.
Aggregate exports for FY21 are likely to be at USD 279.4 billion, down 10.8 percent over FY20, the bank said, adding non-oil exports are seen at USD 256.8 billion, down 5.6 percent.
Further, the statement added, Merchandise exports contracted 36.7 percent to USD 51.3 billion in Q1 from USD 81.1 billion in Q1 FY20, but imports fell a much sharper 52.4 percent to USD 60.4 billion in the same period as against USD 127 billion a year ago.
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.