Originally Posted By: Jim Fogle
You're clicking on the WAV button on the File toolbar and then choosing "Export Song as Audio File". That brings up the Render to Audio File window, correct?
Do you have the bit depth set for "32 bit IEEE"? That will cause a render to clip every time.

Correct. This, plus rharv's comment, were great clues as to what was happening. When I exported with normalise checked and used 16bit PCM / 44.1kHz (which is the same as the native setting in my DAW) there was no clipping.

Problem solved. Thanks guys.