Uncertainty Over Britain’s Future Felt In Arizona
The United Kingdom is Arizona’s 4th largest trading partner and local economic development leaders are watching closely now that British voters have chosen to leave the European Union.
In 2015, Arizona exported more than $1 billion dollars in goods to the United Kingdom.
“Of that $1.1 billion, aerospace products and parts were by far the largest category, accounting for 42 percent of total exports to the United Kingdom,” said Susan Marie, a spokesperson with the Arizona Commerce Authority.
While Marie says it’s too early to know how Britian’s exit could impact trade relations with Arizona, Chris Camacho doesn’t think it looks good.
The president and CEO of the Greater Phoenix Economic Council described the vote as "shocking."
“We’ve seen the pound has steadily been losing its position against the dollar,” he told KJZZ. “We’ll see an increased sharp devaluation which will make it more expensive for UK businesses to buy Arizona and U.S. products.”
Camacho is also concerned Arizona companies might face new regulations if Britian pulls out of the European Union’s trade agreements.