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Trade balances havele also improv improved. In most cases this improvement has resulted from a combination of a relatively strong export growth particularly in spain and portugal, and very weak or negative import growth notably in greece. The contraction of domestic demand continues to play a role in this adjustment. Part of this is cyclical. But it also reflects rebalance from previously unsustainable domestic demand growth. Demand has to be contained and sbla h supply has to be increased. Supply adjustment takes more time. There are also signs that competitiveness gains have contributed to recent improvements in current accounts. Exports have held up relatively well in view of the weakening of external demand. Exports of goods and services have increased by 22 in volume for spain since 2009, and by 15 for ireland, 22 for portugal, 19 for italy. More importantly, some countries that lost export shares before the crisis has since registered positive perform arranges notably spain and p

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