A currency devaluation makes a trade deficit worse before it gets better

When a country devalues its currency to boost exports, the trade balance typically dips further before it improves — plotted over time, it traces the shape of a letter J. Existing contracts and shipping schedules mean import and export volumes barely shift at first, so pricier imports just cost more. Only once buyers adjust, months later, do cheaper exports and costlier imports start working as intended.

— Standard economic accounts, J curve — Formalized via the Marshall–Lerner condition