<h1>Trade deficit narrows as services surplus and sectoral export gains partly offset lower merchandise exports and imports.</h1> Combined merchandise and services exports declined in May 2023 and for April-May 2023 versus the prior year, while imports also fell; services exports strengthened, raising the services surplus which partially offset the merchandise deficit. Sectoral results were mixed: notable export gains in Electronic Goods, Oil Meals, Spices, Rice and Ceramic Products contrasted with large import contractions in Silver, Gold, Vegetable Oil and Petroleum. The release notes provisional nature of May services estimates and attributes import declines to commodity price falls and policy measures.