"Global slowdown and recession, particularly in the developed countries, leading to erosion in demand, is a significant factor for trade deficit," Minister of State for Commerce and Industry Jyotiraditya Scindia said in a written reply to the Lok Sabha.
During April-November this financial year, trade gap stood at $116.8 billion. In 2010-11, it was aggregated at $119 billion.
In an another reply, Scindia said the government has been 'conscious' of widening trade gap with China.
During April-July 2011-12, the trade gap with China stood at $12.6 billion.
He said that the government has taken measures like creation of infrastructure, promotion and facilitation of industrial investment, including foreign direct investment, to make the domestic industry globally competitive.
Further, Scindia said the trade deficit with the world was $46.8 billion during the first four months of this financial year.