India’s trade activity surged 20% higher vs. a year earlier in June, making for the 22nd straight month of growth. The export expansion of 18% was below economists’ expectations and may prove fragile going forward. The fastest growing export line was energy where a 53% jump was driven by a 61% improvement in oil prices – that may soon turn-around. A more serious issue could come from the pharmaceutical sector (31% higher) due to American government pressure on drug prices. A cresting of energy prices may also trim imports with crude oil having accounted for 59% of the dollar value of imp...