New Delhi, Jun 13 (IANS): Export-Import Bank of India (Exim Bank) has projected India's total merchandise exports for the first quarter of FY22 to reach $87.2 billion.

It would be around 70 per cent higher than $51.3 billion during the same quarter last fiscal, Exim Bank said in a statement.

Non-oil exports are likely to grow over 68 per cent on a year-on-year basis to $78.26 billion, compared to $46.4 billion during April-June, FY21.

"The sharp rise in India's exports could be attributed largely to the low base effect, pick up in global oil prices, and strong growth in advanced economies," it said.

While the peak of the second wave of infections of the Covid-19 pandemic witnessed in India during end April-May 2021, could have subdued exports during the quarter to some extent, exports from India have nevertheless been relatively resilient.

The forecasts are based on India Exim Bank's Export Leading Index (ELI) Model, which has shown an upward movement during the same quarter.