India's trade deficit widened to nearly 57 billion dollars in the year ended March as a surge in the cost of imports led by oil offset a record year for exports, government data showed Tuesday.
Exports rose 23.9 percent to a record 124.6 billion dollars, in line with a target of 125 billion dollars for the year, while imports jumped 29.3 percent to 181.4 billion dollars led by oil, the government said.
The country's crude oil imports jumped 30.3 percent to 57.3 billion dollars in the year ended March, the government said.
India, which imports almost two thirds of its petroleum needs, had a trade deficit last year of 39 billion dollars.
Last month, trade minister Kamal Nath forecast exports by India would grow to 160 billion dollars in the year started April 1 and would reach 200 billion dollars by 2009.
