With reference to the international trade of India at present, which of the following statements is/are correct?

1.India’s merchandise exports are less than its merchandise imports.

2.India’s imports of iron and steel, chemicals, fertilisers and machinery have decreased in recent years.

3.India’s exports of services are more than its imports of services.

4.India suffers from an overall trade/current account deficit.

Select the correct answer using the code given below: