India's exports, which represent 15 per cent of the country's GDP, rose to $155.55 billion in April-March 2008, but missed the government's target of $160 billion, due to a mix of the impavt on export earnings from the rising value of the rupee and the global economic slowdown.

At $16.28 billion in March, exports rose to 26.59 per cent from $12.86 billion in March 2007,  registering a growth of 23.02 per cent in dollar terms and 9.39 per cent in rupee terms over the same period last year. In rupee terms, exports touched Rs65,710.71 crore, which was 16.04 per cent higher than the value of exports during March, 2007.

Imports during March 2008 were valued at $23.17 billion, or an increase of 35.24 per cent over the level of imports valued at $17.13 billion in March 2007, which in rupee terms represented a 23.96 per cent increase. The cumulative value of imports for the period April- March 2008 rose to $235.91 billion due to the rising oil-import bill and growing domestic demand for raw materials, as against $185.73 billion registering a growth of 27.01 per cent in dollar terms and 12.92 per cent in rupee terms over the same period last year.

Oil imports during March 2008 were valued at $86.33 billion, a 76.6 per cent increase over $48.88 billion in the corresponding period last year. Oil imports during April- March 2008 were valued at $77.03 billion which was 35.28 per cent higher than the oil imports of $56. billion in the corresponding period last year.

Non-oil imports in March 2008 were estimated at $14.54 billion which was 18.73 per cent higher than non-oil imports of $12.24 billion in March, 2007. Non-oil imports during April-March, 2008 were valued at $158.87 billion which was 23.36 per cent higher than the level of such imports valued at $128.78 billion in April- March, 2007.

The trade deficit for April- March, 2008 was estimated at $80.39 billion, higher than the deficit at $59.32 billion during April- March, 2007. If the oil proces do not moderate, analysts say the deficir for 2008-09 could grow firther.

The government has set a challenging $200 billion export target for 2008-09, to facilitate which it has announced tax refunds and interest subsidies for several exports for another year, with proposals for new incentives to promote exports of vegetables, sports goods, toys and computer hardware.