India's exports grew for the fourth consecutive month recording a growth of 1.6 per cent in April but surge in gold imports pushed up the trade deficit to USD 17.7 billion.
Gold and silver imports during the month under review has increased by 138 per cent to USD 7.5 billion from USD 3.1 billion in April 2012.
"Imports has seen an undue growth of 10.9 per cent (in April to USD 41.95 billion) largely contributed by significant increase in gold imports," Commerce Secretary S R Rao told reporters here.
Exports in April stood at USD 24.16 billion as against USD 23.7 billion in April, 2012.
Expressing concern over the ballooning trade deficit, Rao said that government would take steps to bridge the gap.
"Government sees this growing trade imbalance with concern and would be taking into stock this heavy import of gold and would come out with considered steps as how to contain this growing trade deficit," he added.
After touching the second highest figure ever in a month in January to USD 20 billion, the trade gap came down to USD 14.9 billion in February and USD 10.3 billion in March.
On the steps to discourage gold imports, Director General of Foreign Trade Anup Pujari said the government has imposed certain duty but the steep fall in prices have neutralised its impact.
"...Gold imports have been so much, it is not an accepted thing. In fact all of us must have been taken it by surprise," he added.
Besides, gold and silver, imports of crude oil; metals and scraps and chemicals grew by 4 per cent, 52 per cent and 23 per cent respectively.
After declining for consecutive eight months from May 2012, India's exports entered positive zone in January, 2013.
