Among stocks on the downturn were Japanese export shares, which shot up in recent sessions as the yen slid against other major currencies.

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They are unlikely to give up global market shares without a fight, especially since they are running export-led growth strategies.

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Credit tightening is expected to hurt consumer retailers who have enjoyed high valuations for the last two years as emerging market investors pile into local shares that cater to the domestic market instead of the commodities and export markets.

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Shares of Samsung, for example, which encapsulates the spirit of Korea's export economy, are not a good proxy for the local market.

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Although table grapes are by far the main fruit export, Chile began exporting wines in a significant way in the 1980s and achieving important world market shares in the 1990s.

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