New Delhi: On the back of nearly 8 per cent industrial growth, India's exports recorded an impressive 24.39 per cent growth in the first half of the current fiscal far exceeding the annual growth target of 18 per cent.

The country's exports touched $33.75 billion during April-September, 2004-05 as against $27.13 billion in the corresponding period in 2003-04. This is in contrast to a mere 5.7 per cent growth witnessed in the first half of 2003-04.

However, export growth in September, 2004 was only 17.39 per cent at $6.198 billion, less than the monthly growth of over 20 per cent in the past months.

The trade deficit widened sharply by three times on account of oil imports which have grown manifold in value terms with crude oil prices skyrocketing to $55 a barrel.

The deficit in September 2004-05 stood at $11.002 billion as against $3.668 billion in September, 2003-04.

The trade deficit in the first six months of 2004-05 almost doubled to $12.654 billion as against $7.422 billion in the same period the previous fiscal.

In Rupee terms, exports grew by 18.03 per cent to Rs 2,8571.45 crore in September, 2004, according to an official trade data released in New Delhi today (Oct 15, 2004).

Imports grew by 34.29 per cent to $46.404 billion in the first half of this fiscal mainly on account of oil imports which grew by 57.78 per cent to $14.539 billion.

Non-oil imports during April-September, 2004-05 are estimated at $31.865 billion, a growth of 25.75 per cent.