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Exports grow 21% at $303.7 bn, deficit widens to record high

Exports grow 21% at $303.7 bn, deficit widens to record high

India's exports grew 21 per cent and marginally crossed the exports target at $303.7 billion in 2011-12 over the previous fiscal.

India's exports grew 21 per cent and marginally crossed the exports target at $303.7 billion in 2011-12 over the previous fiscal.

Imports shot up by 32.1 per cent to $488.6 billion, leaving highest-ever trade deficit of $184.9 billion, according to the Commerce Ministry data released on Tuesday.

During March, exports fell 5.71 per cent to $28.68 billion, while imports grew by 24.2 per cent at $42.58 billion leaving a trade gap of $13.9 billion.

Oil and non-oil imports during the month increased by 32.45 per cent and 19.91 per cent to $15.83 billion and $26.75 billion respectively.

During the entire 2011-12, Oil and non-oil imports grew by 46.88 per cent and 26.23 per cent to $155.63 billion and $263.80 billion respectively.

Commerce Secretary Rahul Khullar has said the widening trade deficit is posing a serious challenge for the economy.

The government had set export target of $300 billion for 2011-12.