This paper investigates how Brazilian exporters responded to the Argentine economic crisis in 2001-02. Using detailed customs data from Brazil, we explore the various margins of adjustment which have been suggested by a recent literature on multiproduct firms in international trade. Our findings show that the churning of firms and varieties explain only 1/3 of the sharp decline in total exports to Argentina, despite an extraordinary reduction in the number of exporting firms and varieties exported to Argentina. The relative importance of the different margins of trade adjustment varies with exporter size. While the smallest exporters exit exporting to Argentina entirely, the largest firms adjust primarily by exporting less of their continuing varieties and to some extent by contracting their product range. This paper also documents that Brazilian firms increased their export sales relatively more in the rest of the world for the varieties with declining sales in Argentina during the 2002-crisis compared to the products which only sold in other international markets. This is evidence that firms substituted export sales between market in response to the Argentine crisis.