MOSCOW (Sputnik) — In a survey covering over 500 UK manufacturing businesses, CBI found that 21 percent of businesses received above-normal export orders in August and 27 percent reported below-normal orders giving a total balance unmatched since August 2014.
"Export order books reached a two-year high, suggesting that the depreciation of sterling since the end of last year may be feeding through to stronger overseas demand," the business organization said in a statement.
Total orders, however, showed limited growth, with 19 percent of businesses reporting above-normal order placements, up from last month's 18 percent. Output was on the rise but at a slower pace than last month, according to the survey.
"It’s good to see manufacturing output growth coming in stronger than expected, and some signs that the fall in sterling is helping to bolster export orders. But the pound’s weakness is a double-edged sword, as it benefits exporters but also pushes up costs and prices," CBI head of Economic Analysis and Surveys Anna Leach was quoted as saying in the statement.
The Brexit decision caused economic turbulence in the UK economy, including a drop in the country’s stock indexes and a devaluation of the national currency. The UK pound plunged around 10 percent against the dollar, falling from $1.48 per pound to around $1.3 per pound, which are the lowest levels since 1985. A similar fall occurred against the euro.
