Despite a challenging economic environment in its major markets of the US and Europe, India crossed the export target of $300 billion for 2011-12.
"I am happy to announce that India's exports have crossed $300 billion in the last financial year," Commerce and Industry Minister Anand Sharma said.
The sectors that performed very well include engineering, gems and jewellery, textiles, chemicals and pharmaceuticals, Sharma added.
Total imports last financial year also grew to $485 billion, primarily because of high petroleum prices, he said.
Imports of petroleum as well as gold and silver rose to $150 billion and $60 billion, respectively during 2011-12.
However, these figures are provisional, Commerce Secretary Rahul Khullar said, adding that the final data will be released later this month.
"We were on course, despite very difficult global scenario, the contraction of demand in some of traditional destinations...diversification into new markets has positively worked towards meeting our target," the minister added.
Trade deficit, which grew to $185 billion, is a big challenge for the current fiscal as well, Sharma said.