Exports grew by merely 3.8 per cent to $ 22.3 billion in November 2011

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year-on-year due to economic slowdown in western markets of the US and Europe.

On the other hand, imports were up by 24.5 per cent to $ 35.9 billion in the month year-on-year, according to the Commerce Ministry data released today.

In November 2010, exports stood at $ 21.2 billion, while imports were at $ 28.8 billion.

A muted export growth is mainly due to declining demand from Europe and the US.

"Despite all odds and dismal global situation, we would be able to reach $ 275 billion by the end of this fiscal," Federation of Indian Export Organisations (FIEO) President Ramu S Deora said.

Commerce Secretary Rahul Khullar had said the total exports for the current fiscal would be about $ 280 billion, against the targeted $ 300 billion for 2011-12, due to slowdown in key European markets.

Due to better performance in the previous months, the country's exports grew by 33.2 per cent to $ 192.6 billion in the April-November 2011-12 year-on-year.

During the first eight months of the fiscal, imports also rose by 30.2 per cent to $ 309.5 billion leaving a trade gap of $ 116.8 billion.

In November, oil imports grew by 32.2 per cent to $ 10.3 billion. Non-oil imports rose by 21.69 per cent to $ 25.6 billion over the year-ago period.

During April-November, oil imports stood at $ 94.1 billion, an increase of 42.67 per cent. Non-oil imports rose by 25.4 per cent to $ 215.4 billion.