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