Global trade activity expanded by 5% on a year earlier in July, making the 18th straight month of growth. The 12 month trailing average increased to 3.28%, the highest since January 2012. An expansion of seafreight by 9% and airfreight by 11% mean this result is not a surprise. Japan led the way with an 8% growth in exports, with emerging Asia up 7%. A slowdown suggested by less optimistic management export managers’ expectations has yet to bite. U.S. exports were up 5%, but may have dropped in August.