The global recovery in merchandise activity appears widespread but may be fragile. U.S. exports for example climbed 50.4% higher year over year and by 6.3% compared to 2019 in the month of April. Yet, most of that recovery was down to food / agriculture and industrial supplies which climbed by 21.6% and 17.5% respectively compared to 2019 with the at-risk U.S.-China trade deal accounting for much of the growth. Exports from most other sectors declined, including a 9.0% drop in auto exports due to the shortage of semiconductors. The outlook also appears robust with the ISM survey of ex...