Arize et al. (2000)

There is a negative and statistically significant long-run relationship between export flows and exchange-rate volatility for less-developed countries.

Sauer & Bohara (2001)

By analyzing 22 industrialized and 69 developing countries, they mention that the trade effects of real exchange rate volatility are more harmful in the developing world, particularly in Latin America and Africa, than in the OECD or the Asian LDCs.

Hall et al. (2010)

Their findings do not provide support for the assumption that exchange-rate volatility had a negative and important effect on exports for eleven developing countries.

Olayungbo et al. (2011)

By exploring 40 selected sub-Saharan African countries they conclude that the effect of exchange rate instability on aggregate trade was positive.

Serenis & Tsounis (2014)

By analyzing the exports of Malawi, Morocco and South Africa they found that there is a significant negative effect from volatility on exports for all countries.

Asteriou et al. (2016)

By investigating the impact of exchange rate volatility on international trade volumes for Mexico, Indonesia, Nigeria, and Turkey they found that in the long term, there is no connection between the exchange rate volatility and international trade activities except for Turkey.

Senadza & Diaba (2017)

Examining eleven Sub-Saharan African economies they have found that there is a negative effect of volatility in the short-run, but a positive impact in the long-run.