diff --git a/exporters/otlp/otlptrace/otlptracehttp/go.mod b/exporters/otlp/otlptrace/otlptracehttp/go.mod
index 21795628713..1a97b735011 100644
--- a/exporters/otlp/otlptrace/otlptracehttp/go.mod
+++ b/exporters/otlp/otlptrace/otlptracehttp/go.mod
@@ -3,7 +3,7 @@ module go.opentelemetry.io/otel/exporters/otlp/otlptrace/otlptracehttp
 go 1.20
 
 require (
-	github.com/cenkalti/backoff/v4 v4.2.1
+	github.com/cenkalti/backoff/v4 v4.3.0
 	github.com/stretchr/testify v1.8.4
 	go.opentelemetry.io/otel v1.23.1
 	go.opentelemetry.io/otel/exporters/otlp/otlptrace v1.23.1
diff --git a/exporters/otlp/otlptrace/otlptracehttp/go.sum b/exporters/otlp/otlptrace/otlptracehttp/go.sum
index b11735f81b6..e0db6886f67 100644
--- a/exporters/otlp/otlptrace/otlptracehttp/go.sum
+++ b/exporters/otlp/otlptrace/otlptracehttp/go.sum
@@ -1,5 +1,5 @@
-github.com/cenkalti/backoff/v4 v4.2.1 h1:y4OZtCnogmCPw98Zjyt5a6+QwPLGkiQsYW5oUqylYbM=
-github.com/cenkalti/backoff/v4 v4.2.1/go.mod h1:Y3VNntkOUPxTVeUxJ/G5vcM//AlwfmyYozVcomhLiZE=
+github.com/cenkalti/backoff/v4 v4.3.0 h1:MyRJ/UdXutAwSAT+s3wNd7MfTIcy71VQueUuFK343L8=
+github.com/cenkalti/backoff/v4 v4.3.0/go.mod h1:Y3VNntkOUPxTVeUxJ/G5vcM//AlwfmyYozVcomhLiZE=
 github.com/creack/pty v1.1.9/go.mod h1:oKZEueFk5CKHvIhNR5MUki03XCEU+Q6VDXinZuGJ33E=
 github.com/davecgh/go-spew v1.1.1 h1:vj9j/u1bqnvCEfJOwUhtlOARqs3+rkHYY13jYWTU97c=
 github.com/davecgh/go-spew v1.1.1/go.mod h1:J7Y8YcW2NihsgmVo/mv3lAwl/skON4iLHjSsI+c5H38=