Regression estimates indicate that the marine sector strongly dominates all other
export sectors. And estimates also indicate that when corrected for country distance,
country size and population size, the EFTA trade bloc and countries outside
of blocs attract more exports than the EU trade bloc. This is taking into account
that some countries started out with EFTA membership in the beginning of the
period and then changed to EU later on. However, NAFTA is not estimated to be
different from EU in terms of export attractiveness.
When an international export ratio is inserted into the gravity equation as to
correct for small country size, it is not estimated to improve the overall estimation
results. That is, it does not seem that the export country factors would be more
relevant in driving exports although the model would be corrected for market size.
Finally, estimates for various marine products indicate that there is variation in
relevance of wealth and market size effects on these products.