*Names in bold indicate Presenter
We use detailed transaction-level trade data to decompose annual aggregate export flows into positive (export creation), negative (export destruction) and net changes between 1992 and 2009. We further decompose the positive and negative rates of change into entrants (firm births, new exporters, and re-starters) and exiters (firm deaths, permanent stoppers, and temporary stoppers) respectively. We find that export flows decline during recessions due to changes in both positive and negative flows. More generally, within the exit margin, firm deaths, not stoppers, account for the largest share of decreases in aggregate export flows. Within the entry margin, continuing firms that are new to exporting account for the largest share of increases in aggregate exports. Finally, we document how these patterns change across dimensions such as firm size, firm age, industry, commodity traded, and destination country characteristics, particularly during the last recession and export collapse.