In this thread at cprogramming.com it is suggested that a static variable is local to the dll and not exported.
Summary of discussion below
The static member is not accessed directly by code in the calling application, only through member functions of the class in the dll. However there are several inline functions accessing the static member. Those functions will be inline expanded into the calling applications code makeing the calling application access the static member directly. That will violate the finding referenced above that static variables are local to the dll and cannot be referenced from the calling application.