This paper analyzes the export behavior of Spanish manufacturing firms in the first half of the nineties. Although aggregate empirical evidence for the Spanish economy concludes that export activity is residual, the results presented in this paper confirm the opposite hypothesis. The behavior of Spanish firms indicates a high grade of persistence in export activity. This could be stimulated by the differences of price variations in domestic and foreign markets. After the three devaluations of the peseta, foreign prices increased in a larger proportion than domestic prices. This result using price variations is supported by the analysis of the home and foreign margins. Although the foreign margin of export firms in 1990 and 1991 was smaller than the domestic margin, those differences decreased in 1993-94. It suggests that Spanish firms used the devaluations to increase their margins in foreign markets.