New Delhi, March 18 -- India's merchandise trade deficit dropped to a three-year low of $14.05 billion in February, largely due to a steep 30 percent decline in petroleum exports to Europe and a more than 60 percent fall in gold imports, media reports said.

Indian Express reported, citing data released by the Ministry of Commerce and Industry that India's petroleum imports also saw a 26 percent decline, the data showed.

However, imports declined at a steeper rate of 16.3 percent, reaching $50.96 billion-the lowest level since April 2023, it added.

Meanwhile, non-petroleum and non-gems and jewellery exports recorded a 5 percent drop.

Aditi Nayar, chief economist at ICRA, said that based on the data the current account is likely to post...