Imports shot up by 32.1 per cent to USD 488.6 billion, leaving highest-ever trade deficit of USD 184.9 billion, according to the Commerce Ministry data released today.
During March, exports fell 5.71 per cent to USD 28.68 billion, while imports grew by 24.2 per cent at USD 42.58 billion leaving a trade gap of USD 13.9 billion.
Oil and non-oil imports during the month increased by 32.45 per cent and 19.91 per cent to USD 15.83 billion and USD 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 USD 155.63 billion and USD 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 USD 300 billion for 2011-12. PTI RR
