Jammu, April 16 -- India's merchandise exports dipped marginally in March to $41.69 billion, and by 3.11 per cent during the last fiscal year to $437.06 billion mainly due to continued geopolitical turmoil, and depressed global trade.

Imports, too, declined in March as well during the entire 2023-24. Trade deficit, or the gap between imports and exports, narrowed 17.74 per cent in March to $15.6 billion and came down 9.33 per cent to $240.17 billion in FY24.

Gold imports, which surged 30 per cent during the fiscal year to $45.54 billion, was one of the major contributors to trade deficit.

Replying to a query on escalation of the crisis in the Middle East, commerce secretary Sunil Barthwal, who was briefing about the trade data, said th...