With the intensifying of China-US trade friction, the export credit insurance has become the critical hedging tool for export enterprises, which plays the pivotal role in transferring export risks, improving risk control level, compensating enterprise loss and optimizing resource allocation. This paper takes advantage of Zhejiang’s export trade data and export credit insurance statistics from 2003 to 2016 (both excluding Ningbo), and attempts to figure out how export credit insurance affects the transmission mechanism of export trade through a series of statistical analysis, theoretical construction models and empirical tests. The research results show that the existence of international credit rating, the increasing in the probability of insurance coverage and the compensation for the losses of export enterprises can increase the probability of payment collection, then enhance the export resource allocation and improve the export standard. The empirical test proves the above conclusions and finds that in the face of the financial crisis, the promotion of export credit insurance on export trade features prominently. As the impact of the financial crisis gradually decreases, its influence is still significant.