The advent of Brexit has done little to dampen the appetite of the UK’s exporters, at least according to Moneycorp. It has published new research today that suggests that total business overseas payments for existing clients who had traded in both the lead up to and post Brexit increased by 102%, while foreign exchange deals were up 106% in the eight weeks following the EU Referendum from the same period in 2015.
Beyond those headline figures, it also seems that companies that trade internationally have also held their nerve in the wake of Brexit: moneycorp reports that EU payments increased by 100% in the eight weeks following the EU Referendum compared to the eight weeks before for clients that traded in both periods
But while the focus has been largely on the UK’s relationship with Europe, non-euro transactions also saw a rise, perhaps as a result of the weakening of sterling. Non-euro ncreased by 211% in the eight weeks following the EU Referendum compared to the eight weeks before for clients that traded in both periods
Lee McDarby, Managing Director, Corporate Foreign Exchange and International Payments at Moneycorp said: “It is really positive to see that British businesses haven’t been disheartened by the Brexit result and that many are continuing to grow their international offering. The boost in overseas deals is also testament to ongoing demand for UK businesses on the global stage.”
“Our data suggests that both exporters and importers are trading within and beyond the EU remain very much open for business and understand that they will have to adapt to new market conditions.”
“We’re continuing to work with businesses of all sizes to help manage currency risk and support them on their trade missions around the world. For a business to be successful abroad, it’s vital to have a solid understanding of the markets they are trading in and have a strategy in place to avoid being caught out by sudden market changes.”