The article examines how changes in exchange rates affect exports in the context of global value chains. The researchers studied data from 46 countries between 1996 and 2012 and found that the relationship between currency depreciation and export volumes has weakened over time. They also discovered that as countries become more involved in global production processes, currency depreciation only boosts the competitiveness of a portion of final goods exports. This integration into global value chains explains around 40% of the decrease in the exchange rate elasticity of exports.