India's exports grew 21 per cent and marginally crossed the exports target at 303.7 billion US Dollars in 2011-12 over the previous fiscal. According to the Commerce Ministry data released today, imports shot up by 32.1 per cent to 488.6 billion dollars, leaving highest-ever trade deficit of 184.9 billion dollars. 

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.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 300 billion dollars for 2011-12.