World trade does not yet appear to be suffering from protectionist worries or a slowdown. Global trade growth accelerated to 3.4% in January from 2.6% in December, Panjiva calculations based on CPB World Monitor data shows. That was the fastest rate of growth since February 2015, and while it is tempting to blame this on the earlier-than-normal lunar new year Japanese exports only increased 4.4% and emerging Asia by 2.4%. If anything exports from Asia should accelerate in February based on initial data from Japan, Taiwan and South Korea, though China decelerated.

Export growth from the U.S. was assessed at 6.5%, the fastest rate of growth since November 2013. That growth should continue in February, though possibly at a slower rate as outlined in Panjiva research of March 24. A 9.3% surge in shipments from Latin America in January may continue in February given Brazil already reported a 16% jump in exports though March may be slower given Brazil’s current agricultural export woes. Finally, global managers were becoming more optimistic about the near term outlook at the beginning of March.

Calculations include data from CPB World Monitor Source: Panjiva