Global trade activity has continued to improve from the depths of May when the global economy was gripped by pandemic-related lockdowns. CPB World Monitor data shows global exports rose by 13.1% in July versus May but were still down by 5.8% compared to a year earlier. Higher frequency data shows the recovery is accelerating. Macroeconomic data for 17 countries shows exports in August rose by 1.4% year over year, though that was led by China with few other countries yet improving. Panjiva’s U.S. seaborne import data shows shipments rose by 16.0% year over year in the first half ...