Export performance throughout the crisis has been notably good, relative to private consumption and investments, and especially in view of the decline in world trade. Despite the good cumulative performance of exports to date, a rapid appreciation is liable to negatively impact performance of exports and subsequently of industries that produce import substitutes, and to weigh on the economy’s recovery from the crisis.
This concern becomes stronger in view of the state of world trade and the growth in the percentage of companies that are reporting a shortage in orders for imports.