India's exports crossed the $40 billion mark in the first seven months of the current fiscal even as the export growth was only 9.49 per cent in October, 2004 as against the annual target of 16 per cent.

Exports in the first seven months of the current fiscal (April-October) witnessed a growth of 23.73 per cent at $40.291 billion, as per the official trade data released on Wednesday.

This is over and above 7.05 per cent export growth in April-October, 2003-04.

Export growth in October, 2004 stood at 9.49 per cent as against the monthly average of over 20 per cent at $5.947 billion as against $5.431 billion dollar in October, 2003.

Releasing the data, Commerce and Industry Minister Kamal Nath said there was an across-the-board increase in exports to all major trade destinations.

India's imports in April-October, 2004-05 grew by 31.97 per cent to $54.732 billion as against $41.472 billion in the corresponding period previous fiscal while it rose by 19.66 per cent to $8.277 billion in October, 2004.

Oil imports were 55.98 per cent higher in April-October, 2004 at $17.170 billion.