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It's because any man and dog can exchange a darn link.
You did not earn that link on it's merit, you exchanged it with someone else who is trying to game Google to a certain extent.
Quality in a reciprocal link is generally very poor. So why should Google give you credit on an exchanged link with a fellow webmaster which mostly is for both of your own potential gains in Google?
They ain't stupid.
That's why quality one-way links, all be it natural or brought on an extended long term advertising partnership are what you generally needs these days.
Now to get these quality one-way links requires effort or some research and spend, if your buying em'.
So you will have 'earnt' something in the eye's of Google with these links compared to reciprocals any day, eventually.
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