Among exporting listed firms, exports' share of sales fell ~31% to 27%.

What it does not prove: Exports-to-sales falls whenever domestic sales grow faster, so an import-substituting home boom drags the ratio down without a single dollar of exports being lost — the figure measures orientation, not export value. It is also computed only over firms still exporting, so the firms that exited entirely are excluded, meaning it understates rather than captures the full aggregate retreat.

Memory hook: 31%→27% → even surviving exporters now sell more at home

Rebuts the claim: 'Our existing exporters are maxed out; we only need more of them' — intensity fell among incumbent exporters too, so the constraint sits inside surviving firms, not just in the count of participants.