Thought Leaders: Nevada fast becoming a hub for the exporting industry
First Independent Bank sponsors this content
July 31, 2018
In many ways, the world is getting smaller.
As Americans, and as Nevadans, we have access to an increasing amount of goods and products that come to us from all over the world.
Conversely, the world is also discovering Nevada through the exportation of products that include machinery, computers and electronics, primary metal manufacturing and much more.
While our state may not be among the top exporters nationally, there are thousands of Nevada businesses involved in sending products to countries in North America, Asia, Europe and beyond.
For businesses that already have international customers, and those that don't, First Independent Bank offers a world of solutions and expertise to help the process go smoothly.
As a division of Western Alliance Bank, Member FDIC, we have access to multilingual and multinational experts ready to help you manage the complexities of international trade. This includes assistance in navigating foreign markets, helping to mitigate exposure to foreign currency fluctuations, assistance in preparation of trade documents, shipping and payments.
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Despite the common perception, international trade is not just the realm of large corporations. In fact, Nevada has more small and medium sized exporters than large.
According to the U.S. Department of Commerce's International Trade Administration (ITA), there were 3,031 companies exporting goods from Nevada in 2015. The majority of those, 2,617, are considered small and medium-sized goods exporters, often called SMEs. Those SMEs accounted for 86 percent of Nevada's goods exporters in 2015.
More information about Nevada's exports:
- In 2017, exports by Nevada companies to U.S. Free Trade Agreement (FTA) partners totaled $2.4 billion dollars. The total of all exports from Nevada in 2017 reached $12.2 billion.
- Nevada's top five export markets (in order) include: Switzerland, India, Canada, China and Mexico.
- The Reno-Sparks area was ranked in the Top 25 Metro areas for dollar growth in exports between 2015 and 2016. During that time, exports increased by 23 percent which put the Reno-Sparks region at number 24 on the list.
- The number of jobs supported by Nevada goods exports has increased by 9,000 between 2006 and 2016.
Overall, Northern Nevada is well-represented in the state's export business. Much of that can be attributed to its manufacturing sector. In 2017, the Reno-Sparks and Carson City areas contributed more than 23 percent to Nevada's share of exports. That compares to nearly 22 percent of exports contributed by the Las Vegas-Henderson-Paradise area — despite a population base roughly ten times as large.
What is Nevada selling internationally?
According to the ITA, the state's Top 5 export categories in order are: primary metal manufactures, computer and electronic products, miscellaneous manufactures, minerals & ores, and electrical equipment. Many of these sectors have been traditionally strong export areas for Nevada. However, state officials are actively trying to expand what the rest of the world knows about Nevada and what our state can offer. During its many trade missions overseas, the Governor's Office of Economic Development (GOED) is also working to grow Nevada's share of newer industries, including autonomous systems, water technology and innovative technology.
First Independent Bank
Whether your company is already established abroad or just beginning to expand into foreign markets, First Independent Bank offers the expertise and consultative approach your company needs. Through the combined resources of Western Alliance Bank, First Independent Bank offers clients the dedication, solutions and proven record of success.
We provide a number of services tailored to exporters. Our services include:
• Foreign currency wires
• Foreign Exchange Hedging
• Foreign Exchange Advisory Services
• Export letters of credit
• Import letters of credit
• Documentary Collections
• Pre-export financing
• Foreign Accounts Receivable Financing
• Revolving lines of credit
If you would like to learn more about First Independent Bank and how it can help your company meet its international business goals, please call 775-828-2000.
This article was provided by First Independent Bank, which sponsors this content.