Headline exports have exploded upwards in recent months, driven by sudden, massive growth in electronics products and components shipments into the US. Does this mean that Mexico is "coming online" as a big IT producer in its own right? And is this a positive signal for domestic macro trends as well?

Er ... no, and no. The IT export explosion is coming almost exclusively from transshipment of goods coming out of Asia, with very limited impact on either the external balance or the local economy. Which leaves us broadly neutral on Mexican assets today.