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" ... Does the story withstand scrutiny? A classic sign of uncompetitiveness caused by an overvalued currency is declining exports. But, Argentina’s exports increased every year in the decade of the 1990s except in 1999, when Brazil, its largest trading partner, suffered a currency crisis. Exports during the first 11 months of 2001 were about 3.2% ahead of exports during the same period in 2000. Considering that estimated real growth in world trade was only 0.9% in 2001, Argentina’s export performance was relatively strong. Indeed, the export sector was one of the few bright spots in the Argentine economy. If the rest of the economy had been growing as fast as the export sector during 2000-01, Argentina would not have been swallowed by a recession. ... "