What drives export performance in the BRICS countries? An ARDL investigation

This article aims to investigate the export performance of the BRICS, by making use of Bounds Testing (Nonlinear ARDL) Approach to Cointegration. For the period ranging from Jan/2000 to Mar/2017, the results suggest similarities and asymmetries. The level of exchange rate shows no statistical significance in the determination of long run exports, but its volatility seems to be important, as well as world imports and commodity prices. In the short run, the dynamics of the real exchange rate (either appreciation or depreciation) seems to play a relevant role in export performance, except for Brazil. However, in the case of China, exports rely mainly on the depreciation of the real exchange rate. Finally, all BRICS countries, except Brazil, show a low speed of adjustment to the long run in the face of short-run shocks.