The increasing flow of entries and investments of foreign firms into emerging markets have attracted vast research attention, still the different and more turbulent characteristics of such markets challenges entering firms and some face market exit. The purpose of this conceptual paper is to build a theoretical framework and derive propositions on how to explore and explain the effect of domestic and international market experience on emerging market exit of SMEs, as well as to test for moderating effects of firm resources, innovations and geographic diversification. The purpose addresses the important issues of lack of research on emerging markets, SMEs and the international performance of SMEs in the form of market exit. Theoretical contribution is then made to SME (de-)internationalization theory through a theoretical framework and research model. Future research in terms of a forthcoming study is also accounted for, together with an elaboration on tentative contributions of this research.