Brexit has caused a great deal of uncertainty for the U.K. and as a result, has many concerned about the negative impacts it will have to the region’s economy.
However, new data from PayPal revealed a bright spot in the Brexit fallout – small and medium-sized businesses (SMEs) in Britain say global PayPal sales rise by 10 percent year-on-year from January to June 2016, then by 34 percent year-on-year from July to December.
In the six months following the referendum result last year, international consumers purchased 13 percent more per transactions from U.K. SMEs.
PayPal said said the boost was driven by a weak pound, which made products sold in the country cheaper for foreign buyers, Business Insider reported.
“When the pound dropped and the buying power of international shoppers increased, we expected to see a surge in online exports,” Mark Brant, managing director at PayPal U.K., explained.
“Of course, lower prices played a major part in boosting international sales, but there were many other contributing factors.”
The firms that benefited the most from the export boost, he noted, were those that catered online stores to fit the needs and expectations of foreign shoppers.
“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 – for example by letting customers browse in their own language, and pay in their own currency,” Brant added.