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India's merchandise trade deficit narrowed to $15.6 billion in March 2024 from a $18.1 billion gap a year earlier, and compared to market forecasts of an $18.8 billion shortfall. Exports edged down 0.7% year-on-year to $41.7 billion, a fresh high level since March 2023. Imports declined at a faster 4.5% to $57.28 billion, helped by lower gold purchases. Gold imports fell to $1.5 billion in March from $3.3 billion a year ago.