New Delhi: Finance Minister Pranab Mukherjee on Friday said India's external trade has grown encouragingly amid the global slowdown and the country has achieved diversification of the export market.

"The development of India's external trade in the first half of current fiscal has been encouraging. During April-January 2011-12, export grew by 23 percent to $243 billion (Rs.1,093,500 crore)," Mukheree told the Lok Sabha while presenting the budget for 2012-13.

"What is heartening is that India has successfully achieved diversification of the export and import markets. This had helped us weather the impact of the dual crisis emanating from Europe and the US."

According to the Economic Survey published on Thursday, the country's exports grew at 40.5 percent in the first half of the current fiscal.

(Agencies)