Driven by a pick-up demand in the US and Latin American markets, India's exports rose by 32.4 per cent year-on-year to 20.6 billion dollars in January. This is in line with projections that overall shipments will touch 225 billion dollars this fiscal. Commerce Ministry data released today showed during the April-January period of 2010-11, outbound shipments grew by 29.3 per cent to 184.63 billion dollars vis-a-vis the year-ago period. However, Finance Minister Pranab Mukherjee today said there are several external factors that pose challenges to the Indian economy. He said, global recovery remains fragile and there is also the danger of sovereign debt crisis in peripheral euro zone countries spilling over to financial markets. On the import front, oil imports grew by 7.8 per cent to USD 7.85 billion in the month under review, taking the import bill during April-January, 2010-11, to 79.95 billion dollars. Non-oil imports grew by 23.8 per cent to 20.73 billion dollars in the month under review. Imports of non-oil items were up 19.2 per cent during April-January to 193.64 billion from 162.4 billion in the same period last year.