Korea, a country lacking in natural resources, has vigorously pursued an export-oriented growth strategy to achieve economic development, and in accordance with this government policy, enterprises have actively participated in international trade. International trade refers to commercial transactions involving the buying and selling of goods between nations—that is, economic activities in which parties residing in different countries pursue profits through commercial transactions. In this context, the party exporting goods is the exporting firm, and the party importing goods is the importing firm. Parties engaged in export transactions are exposed to numerous risks that differ from those in domestic transactions. Exporting firms face emergency risks, credit risks, transportation risks, and foreign exchange risks because export transactions involve trade in goods between firms residing in different countries, shipping periods are longer compared to domestic transactions, and the parties involved differ in language, laws, religion, economic systems, and trade customs, making it difficult to assess financial conditions. Currently, most industrialized nations operate institutionalized export insurance systems to protect domestic firms from the risks inherent in overseas transactions. The primary purpose of export insurance is to protect exporting firms from losses arising from importing firms' failure to pay import bills. Such export risks include the bankruptcy and insolvency of importing firms, as well as policies of the importing country's government. Korea also operates an export insurance system to reduce export risks and uncertainties for exporting firms and to expand overseas exports. Changes in the export environment suggest that the role of export insurance as both an export support policy instrument and a risk management tool for exporting firms is critically important; however, numerous operational problems have arisen. Against this backdrop, the research objectives pursued in this paper are as follows. First, to investigate the relationships among the characteristics of small and medium-sized manufacturing export firms, the Korea Export Insurance Corporation, the export insurance system, and export insurance utilization rates. Second, to examine the role of export insurance as a method of managing export risks for small and medium-sized manufacturing export firms. Third, to propose measures for increasing export insurance utilization rates among small and medium-sized manufacturing export firms. Fourth, to analyze the relationship between export insurance utilization and export performance of exporting firms—specifically, to identify what differences exist in export performance between exporting firms that utilize export insurance and those that do not. The research model for this study was designed based on risk management, trade practice, and customer satisfaction theories, and nine hypotheses were tested using data obtained from 174 small and medium-sized manufacturing export firms. In this study, export risks were limited to emergency risks and credit risks because the risks inherent in export transactions are too extensive in scope. The designed research model was categorized into general characteristics of small and medium-sized manufacturing firms, characteristics related to the Korea Export Insurance Corporation, and characteristics related to the export insurance system. To achieve the objective of clarifying the relationship between export risk management and export insurance utilization, this paper employed both literature review and empirical research. A literature-based research method examining published literature and secondary data was adopted, and research data were collected from small and medium-sized manufacturing export firms; questionnaire items were standardized and quantitatively measured using a 5-point Likert scale. Research hypotheses were tested using factor analysis, t-tests, frequency analysis, and logistic regression analysis. A notable finding of this study is that export insurance utilization rates are influenced not only by factors related to exporting firms but also by factors associated with the export insurance system and the operating institution that administers export insurance. The research results present several implications for small and medium-sized manufacturing export firms regarding export risk management and export insurance utilization, which can be summarized as follows. First, an export risk management system must be established. Second, managers of small and medium-sized manufacturing export firms should fully leverage the advantages of the export insurance system in their overseas market expansion efforts. Third, small and medium-sized export firms must strengthen their information-gathering activities regarding export risks. Fourth, when evaluating whether to underwrite export insurance, ultimate recoverability rather than short-term default probability should serve as the key criterion. Fifth, the credit investigation evaluation indicators for importers and exporters must be improved. Sixth, the internal growth factors of small and medium-sized export firms should be reflected in the evaluation indicators. The ultimate purpose of the export insurance system is to contribute to economic development through the sustained increase of exports as the constitution of excellent small and medium-sized export firms is strengthened. However, current evaluation indicators cannot assess the internal growth factors of exporting firms. Seventh, export insurance must be operated more proactively. Export insurance is a system created to support firms exporting to regions where the probability of export risk occurrence is very high. However, an examination of Korea's export insurance underwriting status reveals that the proportion of export insurance underwriting is higher in regions where the probability of export risk occurrence is relatively low, while export insurance underwriting in regions where export risk is likely to occur is comparatively lower.