The article investigates whether trade of goods and financial assets are complements or substitutes. Using data from 42 countries between 2002 and 2012, the study finds that exports and capital flows are positively related, supporting the idea that they complement each other. This relationship is strongest for foreign direct investment, suggesting that they influence each other in a beneficial way. The findings hold true for different types of capital flows and are consistent across different groups of countries in the Euro area.