India's merchandise exports continue to be in the negative zone for last eight-nine months. Contracting for the eighth straight month, the exports dipped by 10.3 per cent in July to USD 23.13 billion, pushing the trade deficit to USD 12.81 billion.
Experts fear that exports may suffer in the coming months on account of the impact of devaluation of the Chinese currency. Due to this, Indian products may loose its competitiveness in the global market.
Despite global slowdown and currency depreciation, pharmaceutical has continued to grow, which is good news. In July, pharmaceutical exports grew about 11 per cent to USD 1.46 billion.
Also in last month Indian Pharma industry came across few important acquisitions like Sun pharma acquired opiates business from GSK in Australia, Cipla acquired InvaGen and Exelan in US, Sun Pharma bids to acquire InSite Vision etc. which clearly indicates strength of Indian pharma industries in global slow down.
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