59% of businesses expect revenues to increase over the next 12 months, while 78% are positive about their growth prospects over the next three years.
International growth remains firmly on the agenda: 59% of businesses that do not currently export are considering international expansion within the next three years, while internationally active firms are more optimistic than domestic-only businesses.
Madrid, 12 November 2026.
Businesses remain confident about growth despite a more uncertain economic and geopolitical environment and continue to look beyond their domestic markets for new sources of growth, according to the Santander Global Trade Barometer 2026. The study, based on a survey of more than 6,000 businesses across Santander's nine core markets in Europe and the Americas (Argentina, Brazil, Chile, Mexico, Portugal, Spain, UK, Uruguay and US), shows that international trade remains firmly on businesses’ agendas, even as they adapt their operations to build greater resilience.
The results point to strong confidence in growth. 59% of businesses expect revenues to increase over the next 12 months, compared with 50% that reported growth over the previous year, while 78% are positive about their growth prospects over the next three years.
Internationally active businesses are particularly optimistic. Globally, 69% expect revenues to increase over the next 12 months, compared with 53% of domestic-only businesses. International trade is also gaining importance in businesses’ growth plans: 55% say it has become more important, while just 4% say it has become less important.
That ambition is also translating into plans for international expansion. 59% of businesses that do not currently export are considering expanding internationally within the next three years, rising to 74% in Latin America.
Ana Botín, Banco Santander executive chair, said: “Businesses are not abandoning international trade. They are changing how they engage with it. In a world becoming more fragmented, businesses increasingly believe opportunities for growth still lie beyond their borders.”
The findings also highlight the robust connections between Latin America, Europe and the United States, markets where Santander has a strong presence and deep local expertise. Businesses are not only looking to the world’s largest economies for growth, but also to markets where established commercial, cultural and linguistic ties can make expansion more achievable. 52% of Latin American businesses see growth opportunities within the region, while 47% are targeting opportunities in the EU. The United States also stands out as an important trade partner and future growth market for businesses across the markets surveyed.
Technology could further accelerate international growth. 52% of international or aspiring international firms already use AI in some aspect of international trade, while AI is businesses’ leading investment priority, with 32% planning to invest in it over the next 12 months, rising to 39% among internationally active firms. Businesses also see its potential to expand their reach: 64% believe AI will enable them to serve more markets and 60% believe it will help them enter new markets faster, although trusted expertise and local knowledge will remain important as businesses navigate an increasingly complex trading environment.
Methodology
The Santander Global Trade Barometer 2026 is based on quantitative research conducted by H/Advisors among 6,059 business decision-makers across nine markets. Fieldwork was conducted between 10 August and 14 September 2026. Respondents were sales and procurement decision-makers with responsibility for, or influence over, their organisation’s decisions relating to trade. The research included businesses of different sizes and revenue levels, as well as businesses at different stages of international development.