Annual returns for four export portfolios. The first row gives the value of the coefficients. The second row gives the t-stat for the coefficients. The critical values for t-stat for DF = 22 are 2.8188 (1%), 2.0739 (5%) and 1.7171 (10%), and for DF = 8, 3.3554 (1%), 2.3060 (5%) and 1.8595 (10%). These are designated by ^***, ^** and ^* respectively.

Sample period 1989-2012

Sample period 1989-1998

Sample period 1999-2008

Export portfolio

Intercept

Slope

Intercept

Slope

Intercept

Slope

Fuel products

0.0002

1.7312

−0.0269

1.7304

0.0167

1.7735

0.0048

7.2472^***

−0.4013

2.4843^**

0.2253

3.2977^**

Manufactured products

0.0054

0.9126

0.0073

0.9406

−0.0062

0.9651

1.7552

39.2958^***

1.3774

17.0195^***

−1.0090

21.6993^***

Food items and agricultural products

0.0056

0.9137

0.0046

1.0029

−0.0136

0.9990

0.3944

8.4748^***

0.1640

3.4491^***

−0.3750

3.7951^***

Minerals and ores

0.0081

1.2058

−0.0214

1.3622

−0.0315

1.6710

0.3050

5.9542^***

−0.5691

3.4885^***

−0.4111

2.9963^**