We show that the results of the Constant-Market-Shares analysis are in
fluenced by the - arbitrary - choice of the currency in which the data
have been expressed. The so-called static competition effect is not i
nfluenced by the exchange rate. The Dutch export performance in 1989-1
991 disaggregated by 17 OECD countries and five product groups serves
as an empirical illustration of our findings.