I use a cross-country cross-industry dataset to examine whether countries with a higher degree of financial integration will exhibit a comparative advantage in the exports of those industries that rely more on external financing. The outcome of this research shows that for those industries relying more on external finance, financial integration may not only benefit their relative advantage in exports, but also intensify their export volatilities. The impact of financial integration on the exports of industries may depend on a country's stage of economic development and the quality of its economic institutions. However, no such heterogeneity is observed for export volatility.
