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Liquid: Is it oil based, or did it evaporate after a while, and you were driving with A/C on?
If A/C on and it evaporated, it is water; normal after driving with A/C on. If not, and it is oily it is not normal.

The new exhaust parts are coated, inside and out, and for a while they will smell; smell goes away after a hundred or so miles.