Key indicators.

LATIN TRADE INDEX *

                                                     % CHANGE
                                               DECEMBER 02/03

Total Trade   December 03   US$ 55.6 billion            17.3%
Exports       December 03   US$ 28.9 billion            17.8%
Imports       December 03   US$ 26.7 billion            16.8%

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

ARGENTINA

Inflation (annual rate)        Dec. 02/Dec. 03     3.7%
Interest Rate                  December 03         3.5%
Reserves (US$ millions)        December 03       14,153
Dollar Value (Peso)            February 27         2.92

BOLIVIA

Inflation (annual rate)        Dec. 02/Dec. 03     3.9%
Interest Rate                  December 03        11.5%
Reserves (US$ millions)        December 03          717
Dollar Value (Boliviano (o))   February 27         7.87

BRAZIL

Inflation (annual rate)        Dec. 02/Dec. 03     9.3%
Interest Rate                  December 03        15.7%
Reserves (US$ millions)        December 03       49,111
Dollar Value (Real)            February 27         2.90

CHILE

Inflation (annual rate)        Dec. 02/Dec. 03     1.1%
Interest Rate                  December 03         2.6%
Reserves (US$ millions)        December 03       15,840
Dollar Value (Peso (o))        February 27       589.62

COLOMBIA

Inflation (annual rate)        Dec. 02/Dec. 03     6.5%
Interest Rate                  December 03           8%
Reserves (US$ millions)        December 03       10,784
Dollar Value (Peso (o))        February 27        2,682

COSTA RICA

Inflation (annual rate)        Dec. 02/Dec. 03     9.9%
Interest Rate                  December 03         9.7%
Reserves (US$ millions)        December 03        1,836
Dollar Value (Colon)           February 27       424.81

DOMINICAN REPUBLIC

Inflation (annual rate)        Dec. 02/Dec. 03    42.7%
Interest Rate                  December 03        20.3%
Reserves (US$ millions)        December 03          253
Dollar Value (Peso (d))        February 27        46.60

ECUADOR

Inflation (annual rate)        Dec. 02/Dec. 03     6.1%
Interest Rate                  December 03         5.3%
Reserves (US$ millions)        December 03          813
Dollar Value (US$)             February 27         1.00

EL SALVADOR

Inflation (annual rate)        Dec. 02/Dec. 03     2.5%
Interest Rate                  December 03         3.4%
Reserves (US$ millions)        December 03        1,943
Dollar Value (Colon (d))       February 27         8.75

GUATEMALA

Inflation (annual rate)        Dec. 02/Dec. 03     5.7%
Interest Rate                  December 03         4.2%
Reserves (US$ millions)        December 03        2,833
Dollar Value (Quetzal)         February 27         8.11

MEXICO

Inflation (annual rate)        Dec. 02/Dec. 03     4.0%
Interest Rate                  December 03         2.4%
Reserves (US$ millions)        December 03       58,956
Dollar Value (Pesos)           February 27        11.06

PANAMA

Inflation (annual rate)        Dec. 02/Dec. 03     1.5%
Interest Rate                  December 03         2.4%
Reserves (US$ millions)        December 03        1,011
Dollar Value (Balboa)          February 27         1.00


PARAGUAY

Inflation (annual rate)        Nov. 02/Nov. 03     9.9%
Interest Rate                  December 03         8.7%
Reserves (US$ millions)        December 03          967
Dollar Value (Guarani (d))     February 27        6,035

PERU

Inflation (annual rate)        Dec. 02/Dec. 03     2.5%
Interest Rate                  December 03           3%
Reserves (US$ millions)        December 03        9,777
Dollar Value (Sol (d))         February 27         3.47

URUGUAY

Inflation (annual rate)        Dec. 02/Dec. 03    10.2%
Interest Rate (1)              December 03        12.5%
Reserves (US$ millions)        December 03        2,083
Dollar Value (Peso (m))        February 27        29.50

VENEZUELA

Inflation (annual rate)        Dec. 02/Dec. 03    27.1%
Interest Rate                  December 03        14.2%
Reserves (US$ millions)        December 03       16,035
Dollar Value (Bolivar (d))     February 27        1,919

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 Traidng,
London; LATIN TRADE