The supply of oxygen ventilators in the wake of COVID-19 may be stabilizing in the U.S. Press reports suggest there has only been minimal drawdown of the government’s new strategic stockpile. U.S. imports of ventilators have declined by 11.0% in June versus their peak in April. That surplus has likely also driven a 31.7% surge in exports over the same period, though imports are still 1.8x the value of exports. The situation in Mexico may be more challenging with imports of ventilators having increased by 235% in Q2 versus Q1. Exporters from the U.S. accounted for 39.6% of the to...