With the situation in south-east Asian countries continuing to show little improvement as also in Japan and Russia, the prospects of achieving an immediate breakthrough in exports appears difficult, he said.

Exports have recorded a negative performance of 3.77 per cent in dollar terms in the first four months.

"Though the July performance somewhat improved, it was far below our expectations," Hegde said.

"Further, we have to make up for the first quarters' negative performance, which is a minus 7.9 per cent in dollar terms," he said.

Asked whether the export target would be revised in light of all these developments, he said, "I don't want to quantify any revised targets at this moment."

Stating that his slogan was "exports and moreexports", Hegde said performance in certain areas were outstanding.