More than half of surveyed businesses consider international trade increasingly important to their growth plans, despite uncertainty surrounding tariffs, geopolitical tensions, and the cost of operating across borders.
The 2026 Global Trade Barometer from Santander found that 55% of respondents regarded overseas trade as more important to their future expansion, while just 4% said its importance had diminished.
The research covered 6,059 business decision-makers across nine markets in Europe and the Americas, including the UK, Spain, Portugal, the United States, Argentina, Brazil, Chile, Mexico, and Uruguay.
Despite the uncertain trading environment, 59% expected revenue to increase over the next 12 months, compared with 50% who reported growth during the preceding year.
Longer-term confidence was stronger, with 78% expressing positive expectations for their organisations’ growth prospects over the following three years.
Businesses already operating internationally were particularly optimistic. Some 69% expected revenue growth over the next year, compared with 53% of businesses operating only within their domestic markets.
The difference reflects the expectations of the surveyed businesses rather than evidence that international trade automatically produces higher growth.
Companies continue exploring overseas markets —
International expansion remains an ambition for businesses that have not yet established overseas trading operations.
Santander found that 59% of respondents whose companies were not currently exporting were considering entering international markets within three years. The proportion increased to 74% among respondents in Latin America.
Existing commercial relationships and geographical connections influence where companies expect to find opportunities. Among Latin American businesses, 52% identified growth prospects within their own region, while 47% saw opportunities in the European Union.
Trade agreements also affect market selection. Across the international survey, 28% of businesses said they would not enter a market without an agreement in place.
Bureaucracy was the most frequently identified obstacle to overseas expansion, cited by 25% of respondents.
These considerations can affect the cost of establishing international operations, particularly where businesses must manage customs requirements, product standards, local regulation, and additional administrative work.
Ana Botín, executive chair of Banco Santander, said: “Businesses are not abandoning international trade. They are changing how they engage with it.”
Supply chain arrangements are also under review. Among businesses seeking to transform or diversify their supply chains, 59% identified improved efficiency or lower costs as a principal motivation.
Other considerations included reducing exposure to geopolitical disruption and the vulnerabilities associated with long international shipping routes.
AI becomes part of expansion plans —
Technology investment is another component of international growth strategies. Among businesses already engaged in or considering international trade, 52% reported using artificial intelligence in some part of their trading activities.
Nearly one-third of all respondents, 32%, expected to invest in AI during the following year, increasing to 39% among internationally active businesses.
Some 64% believed the technology would help them serve more markets, while 60% expected it to accelerate entry into new territories.
Potential applications include analysing customer demand, interpreting commercial information, improving operational planning, and supporting routine administrative processes. The survey measures expectations about those benefits rather than independently verified commercial results.
The research was conducted by H/Advisors between 10 August and 14 September 2026. Respondents held sales or procurement responsibilities and had some influence over their organisations’ decisions concerning trade.
The nine-country findings show international expansion retaining a prominent place in business strategy, with companies simultaneously examining their technology capabilities, trading relationships, and exposure to disruption.
