<h1>Trade Balance shows narrowing overall deficit as merchandise gap shrinks and services surplus helps offset shortfall.</h1> Merchandise exports in December 2019 and for April-December 2019-20 recorded slight declines while imports contracted more substantially, notably in oil and non oil categories, producing a narrower merchandise deficit; services receipts (latest RBI November data and December estimations) showed growth and a positive services balance that, when combined with merchandise, yield an estimated narrowing of the overall April-December trade deficit.