Exports grew by 6.7% year-on-year to $25 billion, commerce secretary Rahul Khullar said on Monday.
Imports, too, increased by 19.8% to $37.8 billion in the month, leaving a trade deficit of $12.8 billion.
During April-December period of this fiscal, merchandise shipment grew by 25.8% to $217.6 billion.
"My guess is that we may touch $300 billion by end of the fiscal," Khullar told reporters.
During the first three quarters of the current fiscal, imports were up by 30.4% to $350.9 billion.
The trade deficit stood at $133.3 billion during the period.