Global trade activity continued to decline in August. A 3.3% year over year fall in EU exports in local currency terms equated to a 6.8% slide in dollars, bringing the global average in August of a 3.4% decline. There’s likely been a continued “trade recession”, defined as two consecutive quarters of falling exports compared to a year earlier. In the three months to Aug. 31 exports fell by 2.7% year over year, following a 2.0% drop in 2Q and a 1.5% slide in 1Q. Of the 14 countries that have reported September data already, 10 have shown falling exports including China, South Korea and Ja...