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Around nine in 10 exporting businesses have benefited from the weaker pound, a new study has revealed.
Research suggests that the weaker pound, which fell against the dollar following the EU referendum in June, has made UK businesses “suddenly more competitive”.
American Express, which published the study, claims that 90 per cent of UK SMEs trading overseas reported a benefit from the fall in Sterling.
Each of those businesses reported, on average, a 16 per cent increase in margins.
Likewise, around 95 per cent of those that are already exporting are looking to boost exports to take advantage of the success.
The report also revealed that those with both import and export operations are the most confident, with 95 per cent believing the fall in Sterling has played a beneficial role in their business.
Jose Carvalho, senior vice president for Global Commercial Payments Europe at American Express, said: “Exchange rates have a huge impact on UK SMEs with an international footprint, and on their ability to maintain their place in the local and global economies.
“Those already involved in exporting are seeing the business benefit, and whilst others currently focused on domestic activity might be daunted by the idea of exporting there are plenty of resources out there for ambitious businesses.”
Despite recent successes, however, a separate study found that 48 per cent of British exporters have yet to review their exporting strategies as a result of Brexit.
Clive Higglesden, head of trade and supply chain product for Lloyds Bank Global Transaction Banking, which published the study, said: “Wait and see is not really an adequate strategy for exporters, and businesses should be acting now to manage any risks on the horizon and possibly explore new opportunities.”
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