This paper provides the first empirical evidence on the link between the number of foreign markets (where a market is … that in German manufacturing industries the profitability of a firm increases when the number of markets a firm exports to … or imports from increases. The extra costs associated with being active on more foreign markets tend to be smaller than …

to document the decisive role of multi-market traders that are active on many foreign markets, where a market is defined … as a combination of a good traded and a country traded with. Using merged information from trade transactions and from … trade. …

entrants, in total exports and imports) in destination countries of exports and countries of origin of imports on the one hand … and characteristics of these countries (distance to Germany, difficulty of foreign trade, and market size) on the other … trade dynamics and trade costs. It shows results for the dynamics of Germany’s goods trade as a whole, and for trade with …

, the share of exports in total sales, the number of countries exported to, and the participation in import. The big picture …