If currencies were perfectly elastic then yes, the price of the exports would increase exactly to match the inflation. But they're not, if a currency falls it

If currencies were perfectly elastic then yes, the price of the exports would increase exactly to match the inflation. But they're not, if a currency falls it takes years for that change to be reflected in the prices. For example the Canadian dollar has been hovering near par for years and is now 5% higher but the prices of US imports are still higher than they should be.