For example, German and Spanish exports have held up very well, only losing around 10% of their market share since 1999. Other countries, particularly large manufacturers such as Italy and France, have seen their share of world trade fall by between 30% and 40%, similarly to the United States and Japan.
The roots of these uneven performances lie not only in divergences in price and cost competitiveness that have emerged in the euro area, but also in different abilities to orient exports to the fastest growing products and partners.