Global trade continues to shrug off protectionist concerns. Volumes expanded by 2.5% growth on a year earlier according to Panjiva analysis of CPB World Monitor data. That was a fourth straight month of expansion, and was led by a 10% jump in exports by Japan. The growth in Japanese exports extended into March, and may continue given increasingly positive sentiment from managers. Latin American growth slowed to 5% from 10% but should accelerate in March based on the energy-driven 26% expansion experienced by Brazil.