<h1>Trade deficit narrows as merchandise and services figures show lower exports and sharper import declines.</h1> Merchandise exports for April 2016 fell to US$ 20,568.85 million (down 6.74% year on year) while imports declined to US$ 25,413.72 million (down 23.10%); the provisional merchandise trade deficit narrowed to US$ 4,844.87 million. Services (March 2016, RBI) showed receipts of US$ 12,895 million and payments of US$ 7,905 million, yielding a services surplus of US$ 4,990 million. Overall trade deficit for April-March 2015-16 was provisionally US$ 48,869.16 million, lower than the previous year.