Exports grew by 4.3% year-on-year to $24.6 billion, while imports increased by 20.6% in February, commerce secretary Rahul Khullar said on Friday.
Imports stood at $39.8 billion in February 2012, resulting in a trade deficit of $15.2 billion.
During April-February 2011-12, the country's exports increased by 21.4% to $267.4 billion.
Imports grew by 29.4% to $434.2 billion during the 11 months period, taking the trade deficit to $166.8 billion.
"We are getting a growth rate of 20%. It looks like you'll get around $300 billion (by the fiscal end)," Khullar told reporters in New Delhi.