In turn, net exports suffer less from US dollar appreciation if a large share of the imports of the economy receiving the spillovers is invoiced in US dollars, since it implies stronger expenditure switching away from imports from the rest of the world towards domestically produced goods.
Chart 17 VAR estimates of the global real GDP spillovers from US dollar appreciation and export-import US dollar invoicing share differentials  Source: Georgiadis, G and Schumann, B.