Firm-level volatility and exports

► A high share of exports in total sales raises a firm's output volatility. ► Sales of a firm on the domestic market are more volatile if it exports much. ► Sales of a firm on the export market are less volatile if it exports much. ► Exporters' growth at home and abroad are negatively correlated in the short run. ► A model with short run convex costs of production is consistent with these facts.