Global trade activity in the Philippines collapsed in April with a 59.8% year over year drop led by a 65.3% slump in imports. That reflects widespread manufacturing and retail closures. There was also a 41.9% drop in exports of semiconductors, the largest export line, which is a marked contrast to the 5.3% rise seen in shipments from China, Japan, South Korea and Taiwan combined. The Philippines’ total export decline of 50.8% was the third worst in Asia in April. Total exports across 15 countries tracked by Panjiva dropped by 9.9% year over year. More of the same seems likely in...