Consider the following statements regarding the India's Trade Deficit:
1. India’s trade deficit narrowed to an 11-month low in January.
2. It is due to a sharp decline in the imports of petroleum products and electronic items even as exports are contracted.
3. India’s exports fell 17.7% to $217.7 billion while imports shrank 15.5% to $324.5 billion resulting in a trade deficit of $106.8 billion.
Which of the above statements are correct?
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