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The main objective of the paper has been to identify the key export performance determinants amongst SMEs based in the European Union. The study contributes to the discussion of whether internal and external factors matter more when measuring SMEs’ export performance. The relationship between internal and external factors has been first established by using an exploratory factor analysis and found that there is an inverse movement between the indicators, depending on whether they display internal or external characteristics. The regression analysis of the paper was based on the contingency theory and found that external variables display a stronger effect on SMEs’ export performance, along with factors such as regulation, investment and level of competition in the country, thus being the main determinants of export performance.