Global trade boosted by post-lockdown rebound in China

A sharp rebound in Chinese exports helped lift world trade higher in May, and could boost trade further in the coming months. But outside of China, forward-looking indicators still suggest that weaker global demand will weigh on trade, meaning that official data may present an overly positive steer on world trade over the next couple months. Weaker demand and improved supply has already been feeding into lower shipping costs, pointing to some easing of global inflationary pressures.