New Delhi, March 15 (PTI): India’s exports grew by a modest 12.3 per cent during February 2006 to touch $89 billion so far this fiscal, raising hopes of crossing the $100-billion-mark for the first time.

However, on the back of soaring oil prices, imports rose at a faster pace during the month as trade deficit shot up by 52 per cent to $37.57 billion in April-February 2005-06 as against $24.73 billion in the same period a year ago.

The exports of $7.8 billion during February this year were higher than $6.9 billion of exports in the same month last year. Total exports at $88.7 billion were 26.34 per cent more than the $70.2 billion exports achieved during April-February 2004-05.

Imports during February 2006 stood at $11.04 billion as against $9.09 billion in the year-ago period. Cumulative imports so far this fiscal have risen 33 per cent to $126.33 billion compared with $94.99 billion in the same period last fiscal.

Oil imports during April-February 2005-06 have surged by 49.35 per cent to $37.57 billion over the year-ago period, while non-oil imports jumped 26.65 per cent to $86.67 billion as against $68.43 billion a year ago.