Key indicators.

KEY INDICATORS

LATIN TRADE INDEX *

                                                 % CHANGE
                                              OCTOSER 02/03

Total Trade   October 03   US$ 57.3 billion           7.7%
Exports       October 03   US$ 30 billion             8.7%
Imports       October 03   US$ 27.3 billion           6.6%

* Combined imports and export data from Argentina, Brazil, Chile,
Colombia, Ecuador, Mexico, Peru and Venezuela.

ARGENTINA

Inflation (annual rate)        Oct 02/Oct 03      3.9%
Interest Rate                  October 03         4.1%
Reserves (US$ millions)        October 03       12,915
Dollar Value (Peso)            December 26        2.95

BOLIVIA

Inflation annual rate)         Oct 02/Oct 03      4.3%
Interest Rate                  October 03        10.8%
Reserves (US$ millions)        October 03          780
Dollar Value (Boliviano (o))   December 26         7.8

BRAZIL

Inflation (annual rate)        Oct 02/Oct 03       14%
Interest Rate                  October 03        18.7%
Reserves (US$ millions)        October 03       53,922
Dollar Value (Real)            December 26        2.90

CHILE

Inflation (annual rate)        Oct 02/Oct 03      1.2%
Interest Rate                  October 03         2.8%
Reserves (USS millions)        October 03       15,641
Dollar Value (Peso (o))        December 26      595.59

COLOMBIA

Inflation (annual rate)        Oct 02/Oct 03      6.6%
Interest Rate                  October 03         7.8%
Reserves (US$ millions)        October 03       10,463
Dollar Value (Peso (o))        December 26       2,792

COSTA RICA

Inflation (annual rate)        Oct 02/Oct 03      8.9%
Interest Rate                  October 03         9.7%
Reserves (US$ millions)        October 03        1,429
Dollar Value (Colon)           December 26      418.67

DOMINICAN REPUBLIC

Inflation (annual rate)        Oct 02/Oct 03     32.7%
Interest Rate                  October 03        21.1%
Reserves (US$ millions)        October 03          237
Dollar Value (Peso (d))        December 26       33.70

ECUADOR

Inflation (annual rate)        Oct 02/Oct 03      6.9%
Interest Rate                  October 03         5.5%
Reserves (US$ millions)        October 03        1,053
Dollar Value (US$)             December 26        1.00

EL SALVADOR

Inflation (annual rate)        Oct 02/Oct 03      2.3%
Interest Rate                  October 03         3.3%
Reserves (US$ millions)        October 03        1,804
Dollar Value (Colon (d))       December 26        8.75

GUATEMALA

Inflation (annual rate)        Oct 02/Oct 03      5.6%
Interest Rate                  October 03         4.3%
Reserves (US$ millions)        October 03        2,851
Dollar Value (Quetzal)         December 26        8.02

MEXICO

Inflation (annual rate)        Oct 02/Oct 03        4%
Interest Rate                  October 03         2.5%
Reserves (US$ millions)        October 03       56,165
Dollar Value (Pesos)           December 26       11.25

PANAMA

Inflation (annual rate)        Oct 02/Oct 03        1%
Interest Rate                  October 03         2.9%
Reserves (US$ millions)        October 03        1,025
Dollar Value (Balboa)          December 26        1.00

PARAGUAY

Inflation (annual rate)        Oct 02/Oct 03      9.9%
Interest Rate                  October 03         5.4%
Reserves (US$ millions)        October 03          840
Dollar Value (Guarani (d))     December 26       5,975

PERU

Inflation (annual rate)        Oct 02/Oct 03      1.3%
Interest Rate                  October 03         3.3%
Reserves (US$ millions)        October 03        9,406
Dollar Value (Sol (d))         December 26        3.47

URUGUAY

Inflation (annual rate)        July 02/July 03   19.4%
Interest Rate (1)              February 03       12.5%
Reserves (US$ millions)        October 03        1,750
Dollar Value (Peso (m))        December 26       29.24

VENEZUELA

Inflation (annual rate)        Oct 02/Oct 03     26.6%
Interest Rate                  October 03        12.6%
Reserves (US$ millions)        September 03     14,237
Dollar Value (Bolivar (d))     December 26       1,597

INTEREST RATE: Bank deposit rate. Data measured by the average, in the
indicated period, in percent per annum. RESERVES DEFINITION: Excludes
gold. DOLLAR VALUE: Interbank sale and purchase average rate or (c)
Commercial, (d) Free Market, (m) Market (o) Official, (1) Discount rate
(Foreign currency)

DATA: IMF; Individual countries; Bank of America Global Trading,
London.