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India:  Trade Data Disappoints.

INDIA
  • Indian exports surprised to the downside for the second month in a row.
  • Exports declined 1.5% yoy.
  • Imports expanded 7.5% yoy.
  • Services remain robust with service exports $28.4bn vs service imports of $14.5bn.
  • India’s trade deficit at $23.5bn for July was ahead of market surveys and June’s result pointing to a slowing global demand.
  • Some market commentators are calling for a rate cut at October’s Central Bank meeting however with GDP estimates remaining robust and CPI contained it gives the Central Bank of India time to reflect on how the data evolves.

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