India's exports grew by 3.98 per cent to USD 312.35 billion US dollars in Financial Year 2013-14 while imports dipped by 8.11 per cent during the period. Imports declined to over 450.94 billion dollars, narrowing the trade deficit to USD over 138 billion dollars in the last fiscal. In 2012-13,financial year, trade deficit stood at USD 190.33 billion dollars. However, in March exports contracted by 3.15 per cent to 29.57 billion dollars and imports fell by 2.11 per cent to 40 billion dollars as compared to the same period last year. The overall shipments in 2013-14 fell short of the target of USD 325 billion fixed by the government for the period.