MUMBAI : The Export-Import Bank of India has said India’s merchandise shipments is expected to rise by 7 per cent to USD 82.39 billion during the third quarter this fiscal. Non-oil exports are projected to be increase by 7.2 per cent to USD 71.45 billion. Export-Import Bank of India forecasts India’s merchandise exports to witness a growth rate of 7 per cent, increasing from USD 77 billion to USD 82.39 billion, and non-oil exports to see a growth rate of 7.2 per cent, increasing from USD 66.65 billion to USD 71.45 billion, during the third quarter of 2018-19, it said in a release.

The forecasts, Export-Import Bank of India said, are based on its Export Leading Index (ELI), which continued to show a positive growth momentum. Export-Import Bank of India said it has developed an in-house model to generate an Export Leading Index (ELI) for India to track and forecast the movement in India’s exports on a quarterly basis. The next growth forecasts for India’s exports for the quarter January-March 2019 will be released during the first week of March 2019.

ELI gauges outlook for the Country’s exports and is essentially developed as a leading indicator to forecast growth in total merchandise and non-oil exports of the Country on a quarterly basis. It is based on several external and domestic factors that could impact exports of the Country, Export-Import Bank of India said Indian Tea Association inks pact with Chinese Tea body to boost exports.