India’s merchandise exports (-10.3% YoY) and imports (-6.6% YoY) declined in May’23, and the monthly trade deficit was marginally lower than a year ago. But the merchandise deficit for Apr-May’23 declined 7.7% YoY (slightly better than the 7.1% YoY contraction in the trade deficit in Q4FY23), helped by lower import prices of crude oil, coal and vegetable oil.