Country's exports grew by 22.9 per cent in FY'08, marginally higher than a 22.6 per cent growth registered in the previous fiscal, the Reserve Bank said.

Exports stood at $155.4 billion in 2007-08, against $126.4 billion in the previous fiscal, mainly driven by a huge jump in engineering goods, gems and jewellery and petroleum products, RBI said in its June bulletin.

RBI said the growth in exports, during FY'08, was close to the average export growth of 23.5 per cent recorded during the previous five years, indicating a strong upward momentum, the apex bank said.

Of the total exports, agriculture and allied products, engineering goods, gems and jewellery and petroleum products alone contributed 68 per cent of the export growth during April-January FY'08, RBI said.

However, the growth in exports of petroleum products sharply decelerated to 36.7 per cent as compared to 66.7 per cent in the year-ago period.

Meanwhile, manufactured goods exhibited moderation in export growth in April-January period owing to deceleration in the exports of chemicals, engineering goods and textiles.

Country's imports, during the period, registered a higher growth at 26.9 per cent as against 24.5 per cent a year ago, on the back of higher growth in both oil and non-oil imports, RBI said in the bulletin.

Total imports in FY 08 stood at $235.7 billion, up 26.9 per cent, from the last year's mark of $185.7 billion RBI said.

Non-oil imports, during the period, recorded a 23.5 per cent growth in FY 08, contributing about 60 per cent to the overall import growth while main growth drivers were capital goods, gold and silver, RBI said.

During the period, among the other major non-oil products, oil, fertilizers, iron and steel, pearls, precious and semi-precious stones, chemicals, textiles, coal, coke and briquettes showed accelerated growth in imports, RBI said.

Meanwhile, the average price of Indian basket of crude oil rose by 27.4 per cent to USD 79.5 per barrel from $62.4 per barrel in FY 07, the data said.

While India's exports to US declined to 13.3 per cent during the April-January period as against 15.1 per cent a year back, China was the major source of imports in FY 08 constituting 11.6 per cent of total imports, RBI data added.

The trade deficit, during FY 08, surged to USD 80.4 billion, up by USD 21 billion as compared to last year's deficit of $59.4 billion, RBI data said.