Two new data points in Asia could be read to suggest the impact on global trade of coronavirus-related disruptions are as bad as feared. Such an interpretation may be wrong. China’s latest business sentiment survey for exports improved to 46.4% (50% indicates a neutral view on orders) from 28.7% a month earlier. Yet, the government has warned that the survey is based on an inconsistent group of respondents and is still in contractionary territory. South Korean exports fell by just 0.2% year over year in March, including a 5.6% decline in shipments to China offset by a surge in exports to...