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Exportmarket sharesaim at capturing structural gains or losses in competitiveness. At macro level, indicators in this category track the export performance of a country/sector and are often used to check for international imbalances. In fact this broad concept masks different effects: economic growth in destination countries, product differentiation, price vs. non-price competitiveness, imports of intermediates and so on (see for instance a recent decomposition by Guaglier, Taglioni and Zignago, 2013).

Micro-founded indicators in this category are based on the intensive and extensive margin of trade, ie how much each firm exports (imports) and how many firms export (import).

BOX 6.1: OTHER MICRO-FOUNDED PRODUCTIVITY INDICATORS

The bottom-up approach is particularly useful while assessing productivity. Productivity measures are, commonly, Pareto distributed and then the average is not a sufficiently significant measure. Thanks to micro (firm-level) data, it is possible to retrieve themedians and the distribution of productivity measures as TFP, labour productivity, ULC, and mark-ups. These measures could be combined with the international status of the firm (domestic, exporter, importer, foreign direct investor or owned by a foreign firm) and can be computed for the total economy or by sector. On top of that, another indicator that comes from a micro-level analysis is the productivity threshold by international status of the firm. Since at the micro level a self-selection occurs, an analysis based on productivity cut-offs is helpful to better understand the international status decision of firms. On the other side it could be interesting to analyse, also, the specificities of existing firms that are below the productivity threshold.

5-year change in export market shares:

• Description: percentage change of export market shares over five years, based on balance of payments (Eurostat data)

• Rationale:This measure, used also by the Macroeconomic Imbalance Procedure (MIP)92

, aims at capturing structural losses in competitiveness. Export market shares can be driven by the increase/decrease of a country’s export volume (numerator effect) but also by the growth of total world exports in goods and services (denominator effect). The five years span allows to measure long-term competitiveness development (non-idiosyncratic trade shocks).

• Problems: The main problem of market shares measures is that they are unrelated to competitiveness in a world characterised by global value chains.

Relative trade balance (RTB):

Description: The RTB indicator for productiis defined as follows:93

(Xi−Mi)

RTBi= ————

(Xi+Mi) WhereX= value of exports andM= value of imports is.

• Rationale:The relative trade balance (RTB), measures the trade balance relative to total trade in the sector. It is used to rank sectors according to their competitiveness vis à vis the rest of the world and to measure gains and losses in competitiveness over time.

• Problems: A negative trade balance is not necessarily a bad sign. Imports can contribute to a country’s economy and might stimulate production in other sectors. Also, trade balances are dependent on domestic and foreign demand. This means that this indicator does not exclusively reflect external competitive strength; it also indicates a difference between domestic and international demand94

.

Dieppeet al(2012) propose adecomposition of the trade balance into price and non price competitiveness.This measure, build on Aiginger (1997), decomposes trade disentangling the respective roles of price and non-price factors allowing to take into account of, among others, quality, product reputation and variety, consumer preferences, etc.

92. Macroeconomic Imbalances Procedure Scoreboard Headline Indicators, 1 November 2012 Statistical information. 93. European Commission Enterprise and Industry: “EU industrial structure 2011 Trends and Performance”, chapter

iv – international competitiveness of EU industry.

• Description: Price and non-price determinants of the trade balance are identified at sector/country level through the relative unit values of imports and exports, which are computed out of imports and exports values and quantities. The technique is described in Dieppeet al(2012) which builds on Aiginger (1998), where X= value of exports and M= value of imports.

• Rationale:This decomposition analysis helps to disentangle the respective roles of price and non-price factors into sectorial/country competitiveness, as identified by the trade balance.

Revealed Comparative Advantages (RCA):

• Description: The Revealed Comparative Advantage based on trade is obtained as the fraction of the sector-country export shares over the sector-EU export shares. Other country groups can be used as reference. Formally, for sector i, country j, it is calculated as

Xj,i/ΣiXj,i

RCAi= —–—––––——

Xworld,i/ΣiXworld,i whereXis the value of exports.

• Rationale:Compares the share of a given sector’s exports in the EU’s total manufacturing exports with the share of the same sector’s exports in the total manufacturing exports of a group of reference countries. Values higher (lower) than 1 mean that a given industry performs better (worse) than the reference group, and are interpreted as a sign of comparative advantage. The RCA indicator is thus used to rank EU products by comparative advantage. (From International competitiveness of EU industry - DG ENTR95

). Current Account as % of GDP:

• Description: The Current Account as Percentage of GDP is defined as the sum of the net income from abroad, the net current transfers and the difference between nationwide exports and imports, over GDP.

• Rationale: “The current account balance determines the exposure of an economy to the rest of the world, whereas the capital and financial account explains how it is financed”(Eurostat Balance of payment statistics). The indicator tracks imbalances in the nationwide Import/Export and measures the realised competitiveness of an economy.

• Problems: The indicator carries endogeneity problems. It also includes non-trade related components.

95. European Commission Enterprise and Industry: “EU industrial structure 2011 Trends and Performance”, chapter iv – international competitiveness of EU industry.