According to India Exim Bank, the country's total goods exports are expected to reach $117.2 billion in the first quarter (Q1) of FY23.

Total goods exports were $95.5 billion in the related quarter of the previous year, the bank said.

Non-oil exports continue to see double-digit growth of 12.6%, reaching $93 billion, in the first quarter of 2022-23, from $82.6 billion a year ago.

According to the bank, the revaluation of the country's exports was largely attributable to continued growth in global commodity costs, driven by supply shocks, improved cost competitiveness due to currency movements and benefits from potential trade diversion.