Imports declined to $450.94 billion, narrowing the trade deficit to $ 138.59 billion in the last fiscal.
In FY 2012-13, trade deficit stood at USD 190.33 billion.
However, in March exports contracted by 3.15 per cent to $ 29.57 billion and imports fell by 2.11 per cent to USD 40 billion as compared to the same period last year.
Trade deficit during the month was at $ 10.5 billion as against USD 10.4 billion in March 2013.
In FY 2012-13, the country's merchandise exports had aggregated at $ 300.4 billion.
The overall shipments in 2013-14 fell short of the target of $325 billion fixed by the government for the period.