India’s export surge ended abruptly in October with a 2% drop on a year earlier. That was the first decline since August 2017 and meant the trade deficit jumped to $14 billion, the largest since 2014. While a significant part of the export decline was due to lower gold and jewelry shipments, which are historically volatile, manufactured products also experienced a downturn. Cotton apparel exports fell by 40%, possibly reflecting limited cash liquidity for exporters awaiting general sales tax refunds. Pharmaceutical exports fell 8%, possibly reflecting a return to intense price competitio...