Financial frictions and balance-sheet effects play a small role in explaining export dynamics during large devaluations. In a small open economy with different types of companies, constraints on financing and foreign debt can affect how exports, output, and investment change. However, these factors only account for a small part of the export changes seen in real data. Instead, financially-constrained exporters tend to increase exports by shifting sales between markets. This adjustment in sales distribution is a key factor in how exports change, as shown by analyzing individual plant data.