<h1>Trade deficit improvement signals narrower external gap as exports edge up and imports decline in recent period.</h1> Combined merchandise and services exports in November 2023 are estimated at USD 62.58 billion, up 1.23% year on year, while overall imports declined, narrowing the monthly deficit. For April-November 2023, combined exports edged down year on year and imports fell more markedly, reducing the overall trade deficit to USD 61.44 billion from USD 100.38 billion; merchandise imports and exports both declined, and services exports and the services surplus increased. Sectoral patterns show specific export gains (iron ore, agriculture, drugs, electronics) and pronounced import contractions in several categories. Estimates for services await RBI revision.