Data from one of the UK’s largest international payments providers shows UK firms are raising the volume of business done with overseas partners following the UK's vote to leave the European Union.
International payment specialists Moneycorp report that in the two months after the EU Referendum, corporate clients more than doubled (102%) the volume of their overseas payments transacted in the two months prior to the landmark vote on June 23rd.
In-house data of corporate clients that traded in both the eight weeks preceding and the eight weeks following the EU Referendum vote suggests that UK business confidence is high with international trade booming compared to the same period last year.
Total foreign exchange deals were up by 106% in the eight weeks following the Referendum from the same period in 2015.
Despite the Brexit result, appetite for British business within the Eurozone still appears to be strong, with EU currency transactions increasing 100% in the eight weeks following the EU Referendum compared to the eight weeks before the vote.
Non-euro transactions were up by 211% in the eight weeks following the EU Referendum compared to the eight weeks before, as well as an 89% increase on the same period in 2015.
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."