Exports in March this year jumped 15.38 per cent year-on-year to $12.5 billion, pushing the overall exports in 2006-07 to $124.6 billion.

"Exports, which till February end had totalled $109.1 billion, now stand revised as data arriving late got assimilated in the figures for the first 11 months," a senior government official said.

"In March, the exports of 12.5 billion dollars took the total to 124.6 billion dollars for the previous fiscal, growing by 23.8 per cent."

The exports fell marginally below the target of $125 billion set by the government for FY07.

Imports for March grew 18.62 per cent to $16.38 billion. In 2006-07, imports grew a 29.3 per cent growth to reach $181.36 billion, according to the data released by the Commerce Ministry.

The country's trade deficit stood at $3.79 billion in March and $56.73 billion in the entire fiscal.

Crude oil imports stood at $4.59 billion in March, 2007 as compared to $4.20 billion in the corresponding month last year, registering a growth 9.39 per cent. For FY07, the imports were $57.27 billion, up 30.31 per cent from the $43.95 billion in FY06.

Non-oil imports grew 16.55% to $11.78 billion during March 2007 as against $10.11 billion in the same month last year. During FY07, the imports were $124.09 billion, an increase of 24.74 per cent over $99.48 billion in last fiscal.

The non-oil imports, which grew at a faster pace than oil imports, is a healthy sign as they comprise largely capital goods and raw material.

For the current fiscal, the government has set an export target of $160 billion, which exporters feel would be tough as rupee continues to appreciate and the US economy faces a slowdown.