Exports showed a robust annual growth of 34.4% to $23.84 billion in April, lower than the annual average for 2010-11 and way below the 54% growth rate logged in March 2011. The latest figures are higher than what commerce ministry officials including secretary Rahul Khullar have said they expect India to log in current fiscal.

Khullar said since shipments generally peak in the last quarter of a fiscal that has a moderating effect on April figures. The country?s total merchandise exports logged $23.84 billion while imports grew 14.1% ($32.83 billion) on a y-o-y basis, leaving the trade gap at $8.9 billion.

Crisil principal economist, DK Joshi told FE, ?I expect a moderation in the exports growth in the time to come. The annual rate of growth is likely to come down in the range of 15-20% for this year. I also estimate that whatever growth will come will be from middle-east and asian markets as they look vibrant to us.?

But Anis Chakravarty Director, Deloitte Haskins & Sells said the export numbers are encouraging and ?they are definitely in sync with the government?s ambition to reach $500 billion by 2014?.

As per the government data released on Wednesday, crude oil imports grew by 7.7% to $10.1 billion from $9.4 billion in the same month last year. Non-oil imports also went up by 17.3% to $22.6 billion in the month under the review from $19.3 billion in the same period last fiscal. Chakravarty and Joshi both were apprehensive that the trade gap will widen in the next few months, putting pressure on the current account deficit.

Federation of Indian Exports Organisation said that export numbers would remain robust till June, but the impact could be felt after the tax refund Duty Entitlement Passbook Scheme is withdrawn. On DEPB scheme, Khullar said that the scheme was unlikely to be extended beyond the June 30 deadline, though exporters have lobbied strongly for its retention.

The country?s total merchandise exports aggregated $246 billion growing by an impressive 37.55% in the previous fiscal. Imports in 2010-11 were $350 billion, down by 21.6% and the trade deficit was $104 billion.