Exports grow 21 per cent in 2011-12, trade deficit at record level

India's trade deficit rose to a record level for 2011-12 even as exports grew 21 per cent to $303.7 billion and imports shot up by 32.1 per cent.

Imports reached $488.6 billion, leaving a trade deficit of $184.9 billion, Commerce Secretary Rahul Khullar said on Thursday.

"This is the highest trade deficit and is a serious concern," he said.

Khullar also said gold imports, which contributed in increasing the bill, are expected to decline in 2012-13 due to the duties imposed by the government.

with PTI inputs