Key indicators.

LATIN TRADE INDEX *

                                                               % CHANGE
                                                         NOVEMBER 02/03

Total Trade            November 03    US$ 52 billion               7.7%
Exports                November 03    US$ 27 billion              10.2%
Imports                November 03    US$ 25 billion               5.1%

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

ARGENTINA
Inflation (annual rate)               Nov 02/Nov 03                3.6%
Interest Rate                         November 03                  4.1%
Reserves (US$ millions)               November 03                13,514
Dollar Value (Peso)                   January 23                   2.91

BOLIVIA
Inflation (annual rate)               Nov 02/Nov 03                3.3%
Interest Rate                         November 03                   11%
Reserves (U$ millions)                November 03                   650
Dollar Value (Boliviano (o))          January 23                   7.86

BRAZIL
Inflation (annual rate)               Nov 02/Nov 03                 11%
Interest Rate                         November 03                 19.2%
Reserves (US$ millions)               November 03                54,294
Dollar Value (Real)                   January 23                   2.84

CHILE
Inflation (annual rate)               Nov 02/Nov 03                  1%
Interest Rate                         November 03                  2.8%
Reserves (U$ millions)                November 03                15,772
Dollar Value (Peso (o))               January 23                 574.71

COLOMBIA
Inflation (annual rate)               Nov 02/Nov 03                6.1%
Interest Rate                         November 03                  7.9%
Reserves (US$ millions)               November 03                10,547
Dollar Value (Peso (o))               January 23                  2,767

COSTA RICA
Inflation (annual rate)               Nov 02/Nov 03                9.3%
Interest Rate                         November 03                  9.7%
Reserves (US$ millions)               November 03                 1,740
Dollar Value (Colon)                  January 23                 421.07

DOMINICAN REPUBLIC
Inflation (annual rate)               Nov 02/Nov 03               40.1%
Interest Rate                         November 03                 20.3%
Reserves (US$ millions)               November 03                   237
Dollar Value (Peso (o))               January 23                  41.02

ECUADOR
Inflation (annual rate)               Nov 02/Nov 03                6.5%
Interest Rate                         November 03                  5.4%
Reserves (US$ millions)               November 03                 1,029
Dollar Value (US$)                    January 23                   1.00

EL SALVADOR
Inflation (annual rate)               Nov 02/Nov 03                2.6%
Interest Rate                         November 03                  3.4%
Reserves (US$ millions)               November 03                 1,845
Dollar Value (Colon (o))              January 23                   8.75

GUATEMALA
Inflation (annual rate)               Nov 02/Nov 03                5.7%
Interest Rate                         November 03                  4.3%
Reserves (US$ millions)               November 03                 2,825
Dollar Value (Quetzal)                January 23                   8.14

MEXICO
Inflation (annual rate)               Nov 02/Nov 03                  4%
Interest Rate                         November 03                  2.3%
Reserves (US$ millions)               November 03                57,252
Dollar Value (Pesos)                  January 23                  10.89

PANAMA
Inflation (annual rate)               Nov 02/Nov 03                1.1%
Interest Rate                         November 03                  2.3%
Reserves (US$ millions)               November 03                 1,034
Dollar Value (Balboa)                 January 26                   1.00

PARAGUAY
Inflation (annual rate)               Nov 02/Nov 03                9.9%
Interest Rate                         November 03                  9.8%
Reserves (US$ millions)               November 03                   857
Dollar Value (Guarani (d))            January 23                  6,250

PERU
Inflation (annual rate)               Nov 02/Nov 03                1.9%
Interest Rate                         November 03                  3.2%
Reserves (US$ millions)               November 03                 9,886
Dollar Value (Sol (d))                January 23                   3.47

URUGUAY
Inflation (annual rate)               Nov 02/Nov 03               10.8%
Interest Rate (1)                     February 03                 12.5%
Reserves (US$ millions)               November 03                 1,852
Dollar Value (Peso (m))               January 23                  29.50

VENEZUELA
Inflation (annual rate)               Nov 02/Nov03                26.1%
Interest Rate                         November 03                 15.5%
Reserves (US$ millions)               November 03                16,181
Dollar Value (Bolivar (d))            January 23                  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, (o) Official, (1) Discount rate
(foreign currency).

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