This box compares euro area export performance in high-tech sectors with that of China and the United States. While the euro area has maintained market share in several fast-growing high-tech sectors, it has underperformed in large medium-high-tech sectors. The latter, by virtue of their size, drive overall export growth and account for most of the euro area’s losses and China’s gains in export market shares. Both the United States and China have introduced new policies to boost their exports in specific sectors, and the strong export performance of the United States may be attributed to incentives introduced by the Inflation Reduction Act and the CHIPS and Science Act.
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