This study uses strictly comparable data for small and medium sized enterprises from industry or services in 25 European countries to test for links between credit restrictions and export activities of firms (participation in exports and share of exports in total sales). Data were collected in the Survey on Access to Finance of Enterprises (SAFE) conducted on behalf of the European Commission and the European Central Bank. Credit restrictions are measured by the importance of problems related to access to finance reported by the firms. Contrary to the big picture revealed by a comprehensive literature survey a statistically significant negative relationship between more severe problems in access to finance and exports is only rarely found.