Timely trade figures out of Mexico this week show that, even though its producers appear to be struggling to make goods USMCA compliant, exports held up reasonably well last month. And leading indicators suggest the same is true for June too. Elsewhere, Argentina’s Q1 GDP figures showed a worrying trend of surging imports and softening exports, reinforcing our view that the peso needs to weaken to restore external competitiveness and generate the external surpluses required to rebuild FX reserves.
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