They are exporting millions of low-cost garments bearing the Made in Italy tag in a seemingly unregulated export drive.

BBC: The Italian fashion capital being led by the Chinese

Oil and gas drive the Houston economy and are responsible for 50% of the jobs related to the export of goods and services outside the area.

FORBES: While Rest Of U.S. Economy Plods, Houston Gets Hot

"These include the rigidities in labour and services markets, and low levels of innovation, which continue to drive France's gradual but sustained loss of competitiveness and the gradual erosion of its export-oriented industrial base, " Moody's said.

BBC: France shrugs off loss of top triple-A credit rating