The purpose of this paper is to analyze the exchange rate exposure of major export firms in Taiwan by estimating the impact on firms' revenue changes from contemporaneous and lagged unexpected changes in the exchange rate. The empirical results show that firm revenues are less affected by unexpected changes in the contemporaneous exchange rate. On the other hand, there exists a more significant relation between lagged unexpected changes in the exchange rate and revenue changes. The electronic industry and textile industry that have the highest export ratios among industries carry most significant exchange rate exposures among all industries.