Is an emphasis on the share of domestic value-added in exports (value-added ratio) consistent with economic development and job creation in an era of economic globalisation? This paper revisits the conventional case for using the value-added ratio as policy guidance, then undertakes an input-output analysis of the manufacturing industry in Thailand. The findings fail to support a relationship between value-added ratio and employment generation, and are robust to the inclusion of relevant industry-level controls. In a context where global production sharing is the key driver of economic integration, national industrial policy should be guided by market potential rather than value-added ratio.