We investigate the magnitude and the persistence of the effect of credit constraints on the growth of exports at a micro level. We develop a model showing credit constraints play a key role in early stages of exporting, with their role on the growth rate of exports diminishing as exporting continues. Our empirical results using data on exports to twelve European Union countries and the U.S. at the product level confirm the model’s predictions: exports from less developed financial systems and from industries more reliant on external financing and with more tangible assets grow faster, while the growth rate decreases with age and converges across countries with age. The effect of credit constraints on the growth of exports disappears relatively quickly, within the first three years of exporting.