This paper studies the industry-level and aggregate implications of ﬁnancial development on international trade. I set up a multi-industry general equilibrium model of international trade with heterogeneous ﬁrms subject to ﬁnancial frictions. Industries diﬀer in capital-intensity, which leads to diﬀerences in external ﬁnance dependence. The model is parameterized to match key features of ﬁrm-level data. Financial development leads to substantial reallocation of international trade shares from labor- to capital-intensive industries, with minor eﬀects at the aggregate-level. These ﬁndings are consistent with estimates from cross-country industry-level and aggregate data.