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The paper deals with the effects of competitive advantage on exports and addresses the relationship between devaluation and competitive advantage. The decline in intra-Caricom trade in the 1980s has been blamed on member countries' economic misfortunes and on the imposition of trade restrictions, as well as changes in each country's competitive position. This note isolates the effects of competitiveness, and, more specifically, the impact of devaluation. It questions whether devaluations have been an important source of competitive advantage, and has this competitive edge been reflected in the devaluing country's exports? (The papers are still in draft and are subject to revision. Not to be quoted or reproduced without the expressed permission of the authors)