The top two trading partners for US businesses remain their closest neighbors – 84% of US businesses traded with Canada, and 74% of US businesses traded with Latin America. Greater China rounds out the top three with 73% of US traders doing business in the region. Close to a third (30%) of US importers and exporters think Latin America holds the greatest potential for trade growth in the coming months, while 22% believe China is the most promising region.
The vast majority (91%) of importers and exporters indicated their need for trade finance will likely stay the same or increase in the next six months, and 44% of all businesses surveyed said they would rely on their banks for funding.
“As our forecasts bear out, despite a difficult 2012, the global landscape is ripe with emerging markets on strong growth tracks,” Prabhat Vira, Executive Vice President and Regional Head of Trade and Receivables Finance, said. “US businesses that are considering diversification will find themselves in an attractive position when looking at opportunities for solid international trade partnerships in regions like Brazil, India, Vietnam and Malaysia.”
For a copy of the global report and further information, visit:http://globalconnections.hsbc.com/global/en/news-insight/hsbc-global-connections-trade-forecast-report Notes to editors: About the HSBC Trade Forecast - Modeled by Oxford Economics Oxford Economics has tailored a unique service for HSBC which forecasts bilateral trade for total exports/imports of goods, based on HSBC’s own analysis and forecasts of the world economy to generate a full bilateral set of trade flows for total imports and exports of goods. Oxford Economics produces a global report for HSBC, plus regional reports and country specific reports on the following 23 countries: Hong Kong, China, Australia, Indonesia, Malaysia, India, Singapore, Vietnam, Bangladesh, Canada, USA, Brazil, Mexico, Argentina, UK, France, Turkey, Germany, Poland, Ireland, UAE, Saudi Arabia, and Egypt.