We consider the influence of counter-cyclical fiscal policy on industrial exports.
Counter-cyclical policy is beneficial to the exports of sectors that rely more on external funds.
The estimated export gains range from 9.8% to 13.5% for the results of OLS.
The estimated export gains lie between 25.7% and 39.3% based on the results of IV.
The key finding survives a variety of robustness checks.