British firms have benefited from a surge in international sales over the past nine months, new research has shown.
Online payment company PayPal has revealed that the UK’s small and medium-sized businesses have seen sales increase by a third following a fall in the value of Sterling.
The currency fluctuations, which have been a response to Britain’s vote to leave the EU last summer, have made products cheaper for buyers overseas.
Indeed, the sales processed by the PayPal site grew by 34 per cent year-on-year for the period July to December.
Mark Brant, the managing director at PayPal UK, said: “Of course lower prices played a major part in boosting international sales, but there were many other contributing factors.
“The small businesses that were best placed to benefit from the influx of international shoppers were the ones who had already adapted their online stores.”
According to a Reuters survey of more than 60 banks and research institutions, the value of Sterling is expected to remain low for the foreseeable future.