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:

1. Correct. India consistently runs a merchandise trade deficit; goods imports are higher than goods exports.

2. Incorrect. Imports of items like machinery, chemicals, fertilisers, iron and steel have not generally decreased in recent years; many have remained significant or even risen depending on the year.

3. Correct. India usually has a services trade surplus; services exports exceed services imports, led by IT and business services.

4. Correct. India generally faces an overall trade/current account deficit because the merchandise deficit outweighs the services surplus and transfers in many periods.

Hence, the correct statements are 1, 3 and 4 only.