India's trade deficit narrowed in July as the weakness in imports outpaced that ofexports. Weaker imports reflect the slugishness in domestic demand, and detailssuggest that investment is much weaker than consumption. Notwithstandingtoday's print, we expect the trade deficit to remain wider than last year on the backof a stronger Rupee supporting imports over exports, weak export orders andexpectation of higher import demand once GST related uncertainties are put torest.

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