Despite the appreciating rupee, India's exports clocked a whopping 41.88 per cent growth in March 2004, pushing up the overall growth to 17.26 per cent in 2003-04.

For the first time, the exports crossed the $60 billion to end 2003-04 at $61.8 billion, even as trade deficit widened during the fiscal, virtually doubling to $13.36 billion against $7.44 billion in the previous year.

Exports during March 2004 grew by 41.88 per cent to $7.3 billion as against $5.15 billion while the cumulative exports in 2003-04 stood at $61.8 billion surpassing the annual target of 12 per cent by over five per cent.

In rupee terms, exports in March stood at Rs 32,901.57 crore (Rs 32,902 billion), which is 34.07 per cent higher than the value of exports during March, 2003.

Exports during the financial year 2003-04 are valued at $61.84 billion against $52.74 billion in the previous fiscal, a growth of 17.26 per cent.

In rupee terms exports stood at Rs 2,83,604.52 crore (Rs 2,836.04 billion) in 2003-04, which is 11.6 per cent higher than the value of exports in 2002-03.

India's imports in the period under review stood at $75.2 billion, representing an increase of 24.96 per cent as against $60.188 billion in 2002-03.

In rupee terms, the imports increased to Rs 3,46,474.45 crore (Rs 3,464.74. billion) from Rs 2,91,132.93 crore (Rs 2,911.32 billion), showing a growth of 19.01 per cent during the period.

Oil imports during 2003-04 grew by 14.29 per cent to $20.17 billion against $17.64 billion in the previous fiscal.