How to export a Field's Allowed Value List in a feature?
Turns out this is a bug(?) in Drupal 7.

The Dropdown list field's values are not saved in Features on a per-instance basis.

This can be fixed by using hook_field_widget_form_alter in the Feature's .module file, eg:

/**
 * Implements hook_field_widget_form_alter().
 */
function my_colors_field_widget_form_alter(&amp;$element, &amp;$form_state, $context) {

  if ($form_state['build_info']['form_id'] == 'my_colors_node_form' &amp;&amp;
    $context['field']['field_name'] == 'field_dropdown_text_single' &amp;&amp;
    $element['#entity_type'] == 'node') {
    $form_field_wrapper = entity_metadata_wrapper('node', $element['#entity']);
    $default_field = $form_field_wrapper-&gt;field_dropdown_text_single-&gt;value();
    $element['#default_value'] = !empty($default_field) ? $default_field : '';
    $element['#options'] = [
    'Red' =&gt; 'Red',
    'Blue' =&gt; 'Blue',
    'Green' =&gt; 'Green',
    ];
  }

}


...drupal is so great...