Evidence for a slowdown in global trade activity is increasing with the WTO’s outlook indicator suggesting a downturn is possible in 1Q. Panjiva’s analysis of export data from 34 countries – excluding the U.S. and Canada which have to report – shows there was already a drop of 2.6% in exports in December. There’s further signs of a downturn in January already with 48.6% of countries having reported as at Feb. 22. Three of the four regions covered – Asia, Europe and the Middle East/Africa – are likely in decline with the Americas being an outlier. Europe’s likely seen the fastest slowdown...