How Arizona Businesses Can Leverage International Trade

What does a business need to do if they want to import goods from another country or export goods they produce? How can a bank facilitate imports and exports for Arizona businesses? And finally, who are Arizona’s largest trading partners, and how can businesses leverage that? While doing business across international borders may seem complicated, it doesn’t have to be. 

In this episode of Financial Cents, Brent Cannon, executive vice president and director of community banking, is joined by Marcos Garay, executive vice president and director of multicultural banking, and Mark Garfield, senior vice president and international banking regional manager, to discuss the ins and outs of international trade in Arizona – from how businesses can trade between countries to what it all means for Arizona communities.

At its most basic level, international trade is simply the exchange of goods or services between countries. As Marcos explains, international trade can be as simple as a business in Arizona selling Canadian maple syrup that they purchase from a Canadian distributor. Despite that simplicity, however, the transaction can still have a lot of moving parts: for example, the business’s US dollars must be exchanged for Canadian dollars and all international trade agreements must be adhered to.

That’s where a bank like National Bank of Arizona comes into play. Backed by Zions Bancorporation, National Bank of Arizona has the resources and know-how to both facilitate these international transactions and finance them. As Mark explains, “the bank is required to take care of the transaction and to finance the transaction.”

Finally, Brent, Mark and Marcos discuss Arizona’s proximity to Mexico and how that impacts international trade in Arizona and ultimately, what that means for Arizona communities. “Mexico is Arizona’s largest trading partner, and some of the industries that are very important to Arizona’s international trade are mining, manufacturing of all types, technology and agriculture.”

Financial Cents is hosted by Brent Cannon and features real answers to the real questions that Arizona businesses and individuals have about money. With each episode featuring veteran bankers from National Bank of Arizona, Financial Cents provides the insights you can only get from a friend in the business. Subscribe from your favorite podcast platform by visiting nbaz.com/financial-cents.

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