Exports grew by 10.1% year-on-year to $25.4 billion, while imports increased by 20.3% in January, commerce secretary Rahul Khullar said on Thursday.
Imports stood at $40.1 billion in January 2012, resulting in a trade deficit of $14.7 billion.
During April-January 2011-12, the country's exports increased by 23.5% to $242.8 billion.
Imports grew by 29.4% to $391.5 billion during the 10 months period. The trade deficit stood at $148.7 billion for the period.
"What you are looking at now is exports for the fiscal around $300 billion, imports at about $460 billion with a balance of trade of about $160 billion," Khullar told reporters in New Delhi.