This paper studies whether export diversification mitigated the negative effect of the global financial crisis on exports using the Korean case. More specifically, we use the data on the exports of 24 Korean manufacturing industries during the period from 2000 to 2016 and examine whether the negative effect of the crisis on exports was less prevalent in more diversified industries in terms of country and product. We also examine whether export competitiveness, measured by the revealed comparative advantage (RCA) index by industry, had a mitigating effect on trades during the crisis. In order to study these issues, we use a panel regression with the fixed effect model for 24 Korean manufacturing industries, following Neto and Romeu (2011). From our empirical analysis, we find that country diversification weakened the negative impact of the global financial crisis on Korea’s exports, but neither did product diversification nor export competitiveness.