We report atomic force microscopy images of surfactant (SDS) exudation in PBMA latex films, in the presence and the absence of a coalescing aid (Texanol™, TPM). The exudates appear as hilly islets, and at times as mountains, at the film surface. Their size and number increase upon annealing above the glass‐transition temperature of the latex polymer. TPM was found to be a strong promoter of surfactant exudation at the air‐polymer interface. In the absence of TPM, annealing the films for several hours at 70°C led to very little migration of surfactant to the surface at most sites in the film. When the films with structures of SDS on their surface were immersed in water, these structures disappeared. Pores, ranging in size from tens to hundreds of nm in diameter, were clearly visible in the surface of the films. These films dry from the edges of the film inward, with a propagation front concentrating the water‐soluble species into a turbid, moist region in the center. At this site, the rate at which the surfactant comes to the surface is enormously enhanced over that at other sites in the film. This is likely due to the high concentration of surfactant in this region, transported there by the drying process. © 1995 John Wiley & Sons, Inc.