Note: The table reports average characteristics of exporters and non-exporters (all Belgian manufacturing firms with five or more employees). Imports and exports are total values in millions of euros and average wage rate is in thousands of euros. The exporters are split at the median of import intensity (i.e., share of imports in total costs) from outside the Euro Zone, which is 4.2 percent. Tabl
![Why currency devaluations are losing economic punch | Microeconomic Insights](https://cdn-ak-scissors.b.st-hatena.com/image/square/6ef3feb1e5485006fa93eeebd9b25c1d8108f34e/height=288;version=1;width=512/https%3A%2F%2Fmicroeconomicinsights.org%2Fwp-content%2Fuploads%2F2017%2F01%2Fhouses-1.jpg)