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India's FY12 trade deficit shoots up to $184.9 billion

While exports grew 21%, the trade deficit has become serious concern and shot up to $184.9 billion

New Delhi: India's exports grew by 21% to $303.7 billion in 2011-12 over the previous fiscal, while imports shot up by 32.1%, reports PTI.

Imports reached $488.6 billion, leaving a trade deficit of $184.9 billion, Commerce Secretary Rahul Khullar said here Thursday. "This is the highest trade deficit and is a serious concern," he said.

Mr 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.

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