We investigate the effects of exchange rate changes not only on aggregate macro-level analysis but also extended on an industry- and firm-level analysis, which can provide richer implications as there are heterogeneous characteristics of industries and firms. Exchange rate changes do not have significant effects on firm productivity. However, the effects are different between the manufacturing and service sector. For manufacturing firms, 10%p appreciation of real exchange rate may lead to 2%p increase of firm productivity. For service firms, on the other hand, 10%p appreciation of real exchange rate may lead to 2-3%p decrease in firm productivity.