Energy costs top concern for global businesses, HSBC survey finds

Global businesses are facing mounting cost pressures from rising energy prices, tariffs and freight expenses, with energy emerging as the biggest concern, according to a new HSBC survey.

The HSBC Global Trade Pulse Survey 2026, which covered 10,000 senior business leaders across 26 markets, found that 44 per cent of businesses identified energy costs as their biggest cost pressure over the past six months. Tariffs ranked second at 43 per cent, followed by freight costs at 41 per cent.

The survey also found that 72 per cent of businesses expect their costs to rise further over the next two years, while 68 per cent have already experienced higher overall costs.

Despite these challenges, 86 per cent of business leaders remain confident about growing their international trade over the next two years.

Businesses are responding by diversifying suppliers, securing energy supplies and optimising trade routes to reduce risks. Around 88 per cent have broadened or are considering broadening their supplier networks, while 86 per cent have taken or are considering steps to secure energy supplies.

The findings highlight how rising energy costs and trade uncertainty are reshaping global business strategies, even as companies remain optimistic about international market growth.

-AH