<h1>Trade balance trends: merchandise deficit slightly widened while services recorded a monthly surplus in December.</h1> January 2015 merchandise exports fell year on year while cumulative April-January exports showed modest growth; imports declined in January but cumulative April-January imports increased. Oil imports declined markedly year on year, non oil imports rose month on month and cumulatively, and the merchandise trade deficit for April-January 2014-15 was slightly larger than the prior year. December 2014 services receipts exceeded payments, yielding a services trade surplus.