India's exports grew 37.5 per cent year-on-year to $245.9 billion in 2010-11 while imports into the country stood at $350.3 billion. The country's trade deficit for the year stood at $104.6 billion.
"We have received the export figures for this fiscal and it is indeed heartening to see that our exports for the year ending March 2011 touched $245.9 billion, registering a growth of 37.5 per cent," minister for commerce and industry Anand Sharma said.
It is also for the first time that the country's exports are crossing the $200 billion mark, which was the target set for the last financial year.
The stellar performance on the export front has been led by engineering goods, which constituted the largest component of the country's exports. Total value of engineering goods exported from the country grew 84.76 per cent, crossing $60 billion during the year.
Earnings from petroleum product exports were up 50.58 per cent during the year and stood at $42.45 billion.
The gems and jewellery sector, which generates considerable employment in the country, reported a 15.34 per cent jump in exports to $33.54 billion.