U.S. international trade activity dropped by 28.0% year over year in May, the 12th straight decline and an acceleration from a 24.7% slide in April. The impact of COVID-19 on manufacturing and demand for industrial and commercial products were the main drivers with exports of goods having fallen by 35.3% compared to a year earlier. Exports to Canada and Mexico slumped 48.1% lower while shipments to Europe and Asia ex-China fell by 33.1% and 32.3% respectively. Shipments to China meanwhile rose by 6.3% compared to a year earlier as the result of increased purchasing of commodities unde...