Businesses resilient amid energy pressures, HSBC survey finds

Amid ongoing trade disruption and tariff uncertainty, energy has emerged as the leading cost pressure facing global firms, according to HSBC’s Global Trade Pulse Survey 2026.

Our survey captured the views of 10,000 senior business leaders across 26 markets* on trade, tariffs, supply chains and technology.

Energy costs were the highest-ranked factor affecting the cost base of businesses over the past six months (44% of respondents), followed by tariffs (43%) and freight (41%), with these pressures expected to persist.

But despite continued uncertainty, 86% of business leaders say they remain confident in their ability to grow international trade over the next two years.

‘Energy costs a defining consideration’

“Energy costs have become a defining consideration for businesses managing international supply chains,” said Vivek Ramachandran, Head of Global Trade Solutions, HSBC.

“Companies are responding by securing energy supply, improving efficiency and building greater flexibility into their operating models.

“These actions reflect a broader shift in how businesses think about resilience. Rather than simply reacting to individual cost pressures, they are redesigning supply chains, trade routes and sources of supply to manage uncertainty over the longer term.

“The businesses best positioned for growth will be those that combine operational flexibility with disciplined management of liquidity, working capital and risk.”

The vast majority of firms surveyed have or are planning to take action to stay agile and strengthen resilience by broadening supplier bases across regions (88%), securing energy supplies (86%), optimising trade routes (86%), and building more self-contained supply chains within key regions or increasing inventories (85% each).

These measures are already delivering results, with 78% of respondents reporting that their supply-chain changes have improved working capital and cash flow.

Businesses not standing still

Our survey shows that businesses are broadening their international market relationships to manage cost and supply chain pressures.

Across the 26 markets surveyed, Europe is the destination businesses are most likely to turn to, with 48% doing so, up from 40% in last November’s Trade Pulse Survey. Southeast Asia follows at 44%, up from 36%, while reliance on North Asia has risen from 32% to 38% over the past year.

Reliance on North America is also increasing, with 38% of businesses reporting greater reliance on the region, up from 32% in the previous survey. At the same time, the proportion reducing their exposure to North America has fallen from 22% to 16% over the past 12 months.

AI is being adopted at scale in trade

In addition, our survey found that 70% of respondents anticipate that AI investments in infrastructure and supporting power infrastructure will increase demand for their products and services over the next two years.

AI is already being used across a range of trade-related activities. More than half of business leaders (55%) say they have deployed it in customer service and sales support, while 50% use AI for strategy and scenario planning.

However, the survey indicates that AI adoption may be advancing faster than the governance frameworks needed to support it. Although businesses are deploying AI across a range of trade-related functions, they report uneven levels of testing, accountability and formal oversight.

*10,000 senior business leaders were surveyed between 18 September and 6 October 2026 across 26 markets; 14% of respondents had a global turnover of over $2 billion in the past 12 months; the rest turned over between $50 million and $2 billion. The survey was commissioned by HSBC and conducted by British Polling accredited Savanta.