India’s export slowdown continued in July. Growth of 4% was the slowest since November, and continued to lag the 15% expansion in imports. The primary driver was a 22% drop in the value of gems exported, but this is market-driven and volatile. Of more concern is the pharmaceutical sector, where sales dropped 5% for the month and are down 1% on an annualized basis due to price deflation. Basic materials such as fish, rice and oil all grew. Yet, India will need to complete trade deals such as RCEP if its export growth is to catch-up with manufacturing competitors such as Thailand and Vietn...