NEW DELHI: India's ambitious target of reaching $ 500 billion in exports by 2013-14 fiscal is unlikely to be met due to weak demand in global markets such as the US and Europe, Assocham has said.

"Achieving the ambitious target of $ 500 billion by 2013-14 looks next to impossible, given the global slowdown," the industry body said.

 During April-February 2012-13, India's exports declined by 4 per cent to $ 265.95 billion. Imports during the 11-month period grew by a mere 0.25 per cent to $ 448 billion, leaving a trade deficit of $ 182.1 billion.

India's exports are expected to be about $ 306 billion, and the trade deficit is likely to widen between $ 193 billion and $ 196 billion in the last fiscal.

Even the World Trade Organisation (WTO) has projected a sluggish world trade growth of only 3.3 per cent in 2013 as the economic slowdown in Europe continues to suppress demand for imports in the economically troubled continent, Assocham said.

Slowing global trade, according to experts, will make it difficult for India to tide over the problems concerning widening Current Account Deficit.

CAD, the difference between inflow and outflow of foreign currency, has touched a historic high of 6.7 per cent of the GDP in quarter ending December.

In the forthcoming Foreign Trade Policy (FTP), the government is expected to provide sops to exporters to boost exports and bring down the transaction costs along with improving the position vis-a-vis the access to credit and the cost to credit.