India's exports vaulted 32.5 per cent in January helped by a 70 per cent increase in the exports of engineering goods and a 36 per cent jump in the exports of petroleum and oil products.

Exports from the country increased 29.4 per cent in the first 10 months of 2010-11 against a whole year target of 15 per cent.

Total imports grew 17.6 per cent to $273.6 billion in the April-January period. India, however, imported goods worth $28.6 billion in January 2011. This leaves a trade deficit of $89 billion.

Other sectors that have reported better than expected performance in exports are: cotton yarn and made-ups (up 52 per cent at $4.7 billion), electronics (up 38 per cent at $6.4 billion) and plastics and linoleum (up 40 per cent at $3.7 billion).