India's exports in May grew 56.9 percent and stood at 25.9 billion US dollars. Talking to reporters today after the release of the data, Commerce Secretary Rahul Khullar said imports for the month of May also rose 54.1 percent to 40.9 billion US dollars, registering a trade deficit of 15 billion US dollars. Data released by commerce ministry indicates that country's exports grew a record 37.6 percent in the fiscal year 2010-11 that ended in March. The growth in exports was due to high demand for engineering goods, oil products and gems manufactured in India which is billed as the Asia's third-largest economy. Government has set an export target of 500 billion dollar by 2013-14 after spectacular performance of shipment in 2010-11.