Experts also observed that changes in demand can also affect the location of production of wine. Currently 60% of the wine in the world is produced in Europe. In particular the three major European producers countries are Italy (18%), France (17%) and Spain (13%), and account for two thirds of world exports. However, the production of wine in the European countries, except Spain, is decreasing, due to increasing competition from new markets. Free trade agreements with China, Australia, Chile and New Zealand, offer advantages to exporters of wine from these countries. Furthermore, the low exchange rate of national currencies of Chile and South Africa increase the competitiveness of their production.