The U.S. government is currently publishing international trade data with a one-month longer lag than normal following the shutdown. As a result data for December will only be published on Feb. 27. In the meantime maritime shipping data can provide a more timely measure of trade activity. U.S. seaborne imports rose 13.5% year over year in December while exports – based on seven major ports – likely fell 10.0%. Those can be combined with trade price inflation to provide a signal for the direction of trade with the result that imports may have climbed 8.8% and exports dropped by 9.8%. For ...