Based on the panel data of 29 Chinese provinces and municipalities during 2001—2012, this paper analyzes the influence of two main external capitals（“bank credit” and “Foreign Direct Investment” ）on regional export trade under the different external financing dependence conditions, and the research results show that the significant factor affecting regional export trade is bank credit and FDI, furthermore, the effect of FDI on export trade is stronger, that the impact of the different regions and the different channels with the different features of external financing dependence on export trade is different, that the high credit density（more than 0.35%）in the regions with high foreign capital dependence（more than 0.07%）is more helpful for the export growth, however, the suitable credit density should be sought to match the regions with low foreign capital dependence, that the credit dependence of the regions with high foreign capital density（1.64%）is conducive to the export growth, however, the credit dependence in the regions with low foreign capital density can bring the adverse impact on the export.