Exports grow 21% at $303.7 billion; trade deficit shoots up

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Country's exports grew by 21 per cent to USD 303.7 billion in 2011-12 over the previous fiscal, while imports shot up by 32.1 per cent.

Imports reached USD 488.6 billion, leaving a trade deficit of USD 184.9 billion, Commerce Secretary Rahul Khullar said here 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, is expected to decline in the current fiscal (2012-13) due to the duties imposed by the government.