Let us consider this from the perspective of the Uk. Let Uk export goods to the US. If there is a devaluation in pound in terms of dollers, it mean that Uk goods are now relatively cheaper in dollers! (not pounds) The price of the Uk goods in pounds remains unchanged. The result of a devaluation is that Uk export volumes increase as the US would buy more quantity than before as it became cheaper in dollers. So, if the export volume increases while the price of the export remains unchanged, isnt the result supposed to be an increase in export revenue? Why does price elasticity matter here? Isn't Uk's export valued in pounds? Please anyone clarify!