The country's total merchandise exports are likely to be at $117.2 billion in the first quarter of FY23, according to India Exim Bank. The total merchandise exports stood at $95.5 billion in the corresponding quarter of the previous year, the bank said on Monday. Non-oil exports continue to witness a double-digit growth of 12.6 percent, amounting to $93 billion, during the first quarter (April-June) of 2022-23, compared to $82.6 billion in the year-ago period.

The rise in the country's exports could be attributed largely to the continued increase in global commodity prices, driven by supply shocks, enhanced price competitiveness owing to exchange rate movements, and benefits from possible trade diversion, as per the bank.

The rise in the country's exports could be attributed largely to the continued increase in global commodity prices, driven by supply shocks, enhanced price competitiveness owing to exchange rate movements, and benefits from possible trade diversion, as per the bank

The growth forecast may be subject to commodity price volatility and uncertainties in the global economy, mainly driven by the current geopolitical tension, it said.