International trade activity in the Philippines fell 3.0% year over year in May, largely due to a slump in imports of steel and oil products. Exports meanwhile rose 1.0%, marking a second month of better conditions, and included a 4.5% rise in semiconductor shipments. The Philippines’ improvement was not seen across Asia. Exports across 14 countries fell 2.4% year over year with the result that the region has entered a technical export recession, defined as two consecutive three month periods of falling exports. The outlook for the U.S.-China trade war will be critical for the region giv...