China’s international trade activity fell by 9.2% compared to a year earlier in May, continuing a five month run of falling trade driven in part by COVID-19. An export decline of 3.3% reversed April’s rebound but included a marked fall in commodities including refined oil and steel. Electronics has remained robust though with semiconductors up by 18.7%. There is also good news in an acceleration of growth in medical supply exports to 88.6% year over year from 50.8% in April. The rate of decline in imports accelerated to 16.5% from 14.2%. Importantly that’s included a 13.5% drop in import...