The HSBC Trade Confidence Index, which surveyed over 3,500 small and mid-market businesses (SMEs and MMEs) in 12 major global markets, showed an overall positive outlook with an average global reading of 110 on a scale of 0 to 200, with 100 as a neutral reading. Sentiment was highest across emerging and developed economies, with mainland China, Indonesia and the United Arab Emirates expressing the most confidence in trade activity and growth. Among the developed economies, US businesses expressed the greatest confidence in the near-term outlook for growth in trade. Respondents see the US as the most promising export market in the next three months, a sign of confidence in the US economic recovery.

Over 40 percent of SMEs and MMEs surveyed in the United States expect an increase in trade volumes over the next three months (41%). Half of the US survey respondents foresee slight or significant growth in the global economy over the same time period.

Of particular interest, US companies expressed greater confidence for near-term growth in trade within the domestic and Canadian markets than other regions worldwide. This trend may stem from concerns over the weakening US dollar, which makes the cost of imported goods more expensive. Fluctuating foreign exchange rates were one of the most commonly cited barriers to trade by businesses worldwide as well as within the United States.

Access to credit did not rank among the major concern of businesses, providing another indication of a potential support for an economic recovery. Worldwide, exchange rates, product demand and profitability often ranked ahead of availability of credit as a barrier to growth in trade.

William Nowicki, Head for Trade and Supply Chain for HSBC - North America, said: "We are seeing signs of what could be the start of a global trade recovery. Our survey shows that globally, companies expect more orders and better access to credit and hold a stable outlook on buyer and seller risks. In the US, 70 percent of respondents indicated that their "buyer risk" outlook will probably remain the same in the short term. In the event this outlook should change, respondents recommended that their companies engage in less business with particular buyers as the most effective solution.