NEW DELHI, May 1: India’s trade deficit widened to nearly $57 billion 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 on Tuesday.

Exports rose 23.9pc to a record $124.6bn, in line with a target of $125bn for the year, while imports jumped 29.3pc to $181.4bn led by oil, the government said.

The country’s crude oil imports jumped 30.3 per cent to $57.3 billion 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 $39bn.Last month, trade minister Kamal Nath forecast exports by India would grow to $160bn in the year started April 1 and would reach $200bn by 2009.—AFP