350 300 - leche 250 **Trade Blanc 200 Real Effective Exchange Rate and Trade Balance 150 Real Depreciation Real Appreciation 100 TE- Time Z- 02- oc- Or- Or-un oc-dus Oct-20 Nov-20 Dec-20 Feb-21 Mar 21 Ape 25 The graph plots the real effective exchange rate (the solid line in bluel, and the corresponding trade balance of a country (the dotted line in red). Based on the above graph, we know that between the trade balance behaved in accordance with the theory. June 2020 to July 2020, and October 2020 to November 2020 November 2020 and December 2020 June 2020 to May 2021 June 2020 to May 2021