Minister of State for Commerce and Industry Jyotiraditya Scindia said a better assessment of the shipments would be made after the first half of the current fiscal.
"We have set ourselves USD 350 billion target. We have closed at USD 303 billion in the last fiscal," Scindia told reporters on the sidelines of an Export Promotion Council for EOUs and SEZs (EPCEs) held awards function here.
Scindia said although the global economy is struggling to come out from the economic uncertainties, "I can say that even in a difficult environment our exporters are doing a tremendous job".
India's exports surpassed the target of USD 300 billion for 2011-12 and touched USD 303.7 billion, despite problems in Europe and the US.
Imports during the year shot up by 32.1 per cent to USD 488.6 billion, leaving highest-ever trade deficit of USD 184.9 billion .
The US and Europe together account for over 65 per cent of the country's total exports.
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Exporting sectors that registered a healthy growth in 2011-12 include engineering, petroleum and its products besides gems and jewellery.
From a peak of 82 per cent in July last year, export growth slipped to 44.25 per cent in August, 36.36 per cent in September, 10.8 per cent in October and 3.8 per cent in November, 2011.
In April this fiscal, the growth came down further to 3.2 per cent to USD 24.5 billion. (MORE)