New Delhi, May 2 (IANS): India's exports jumped 43.9 percent to $29.1 billion in March while it was up 37.5 percent at $245.9 billion for 2010-11, beating the official target of $200 billion, according to data released Monday.

The trade deficit during the last fiscal fell to $104.8 billion, lower than the deficit in 2009-10 at $109.6 billion. For March, trade deficit was at $5.6 billion.

Total imports in March stood at $34.74 billion, while it touched $350.3 billion for 2010-11.

The government plans to double exports to $450 billion by 2014. The commerce and industry ministry is expected to come out with a strategy paper this week.

Oil imports, a major constituent of the total imported goods, was at $9.43 billion in March while they were valued at $101.6 billion in April-March 2010-11 -- 16.7 percent higher than last fiscal.

Exports of engineering goods recorded the sharpest growth in 2010-11. This surged 84.76 percent to $60 billion. Export of petroleum products rose 50.58 percent to $42.45 billion.

The gems and jewellery sector saw exports of $33.54 billion, a growth of 15.34 percent over the previous year.

"India today is looked upon as one of the leading players in the global arena. The growth path will continue in coming year as well," said Rajiv Jain, chairman of the Gems and Jewellery Export Promotion Council.

The performance of this industry is critical as it contributes 16.67 percent of India's total merchandise exports.

The growth in the sector was primarily driven by cut and polished diamonds, which registered an increase of 54.91 percent in 2010-11.

Drugs and pharmaceuticals sectors, for which India has gained considerable global reputation, saw exports worth $10.32 billion -- a growth of 15.08 percent. Ready-made garments exports rose 4.23 percent to $11.1 billion.

However, exports of iron ore fell 25 percent to $4.5 billion in the reporting fiscal.