Mumbai: India's trade deficit surged to $80.4 billion during financial year 2007-08, up $21 billion from last year's deficit of $59.4 billion, even as exports grew 22.9 per cent against 22.6 per cent in the previous fiscal, data released by the Reserve Bank of India showed.

Exports stood at $155.4 billion in 2007-08, against $126.4 billion in the previous fiscal, mainly driven by rising exports of engineering goods, gems and jewellery and petroleum products.

Total imports during the year stood at $235.7 billion, up 26.9 per cent from last year's $185.7 billion, RBI said.

Agriculture and allied products, engineering goods, gems and jewellery and petroleum products contributed 68 per cent of the exports during April-January 2007-08.

Export of manufactured goods, however, moderated in April-January period owing to deceleration in the exports of chemicals, engineering goods and textiles, RBI said.

The growth in exports of petroleum products also decelerated sharply to 36.7 per cent against 66.7 per cent in the year-ago period.

Export growth during FY08 was close to the average annual export growth of 23.5 per cent recorded during the previous five years, RBI said.

Imports, however, grew at an even higher rate of 26.9 per cent as against 24.5 per cent a year ago, on the back of higher growth in both oil and non-oil imports.

Non-oil imports during the period rose 23.5 per cent, contributing about 60 per cent to the overall import growth while main growth drivers were capital goods, gold and silver, RBI said

Export of fertilisers, iron and steel, pearls, precious and semi-precious stones, chemicals, textiles, coal, coke and briquettes showed accelerated growth, RBI said.

The average price of Indian crude import basket rose 27.4 per cent to $79.5 per barrel from $62.4 per barrel in FY'07, data showed.

While exports to US declined to 13.3 per cent during the April-January period as against 15.1 per cent a year back, China was the major source of imports in FY'08, accounting for 11.6 per cent of total imports, data showed.