Export finance in an era of global uncertainty

According to the World Economic Forum’s latest Global Risks Report, uncertainty is shaping the global economic outlook for 2026. Geopolitical fragmentation, trade realignment, supply chain vulnerabilities, and macroeconomic volatility are redefining how capital moves across borders. In this environment, the ability to support global trade and cross-border financing becomes a structural differentiator for banks and a stabilising force for corporates navigating complexity.

Supporting global trade is not limited to facilitating transactions. It requires financing exporters and importers as they invest, deliver and expand into new markets. Export finance and trade finance solutions play a significant role in sustaining growth, protecting competitiveness and enabling cross-border investment flows at a time when predictability is scarce.

Against this backdrop, Santander Corporate & Investment Banking (Santander CIB) has once again been ranked the world’s number one bank in export finance, reinforcing its position as a global leader in export and trade finance for the fourth consecutive year. In 2025, the bank supported USD 18.2 billion in transactions and held leading positions globally, as well as in Europe and Latin America. The recognition reflects both scale and consistency in a segment that is increasingly strategic for governments and corporates alike.

Export finance: A strategic enabler of global trade

Periods of uncertainty tend to test the resilience of global trade architecture. Export credit agencies (ECAs), multilateral institutions and commercial banks must work in coordination to ensure that long-term projects (often infrastructure, energy or industrial in nature) remain financeable despite shifting risk perceptions.

Structured export finance transactions typically combine risk mitigation tools, sovereign-backed guarantees and cross-border funding solutions. When deployed effectively, they enable companies to compete internationally while preserving balance sheet flexibility. For exporters, this can mean access to new markets; for importers, it can facilitate investment in strategic assets without disproportionate short-term capital strain.

In recent years, trade finance and export finance solutions have also adapted to structural shifts in supply chains. Corporates are diversifying sourcing strategies, nearshoring operations and investing in strategic sectors such as renewable energy, transportation and digital infrastructure. These trends increase the complexity of transactions and heighten the importance of experienced structuring capabilities in international export finance advisory and lending.

Geographic reach and diversified export finance capabilities

A defining feature of export finance leadership lies in global reach. Santander’s presence across Europe and Latin America, combined with connectivity to other key markets, allows it to support clients across jurisdictions and regulatory frameworks. This international footprint enables coordination between local market expertise and global export finance and cross-border trade finance capabilities.

Diversification is equally important. By supporting transactions across sectors and regions, banks can better absorb cyclical fluctuations and geopolitical shocks. For corporates, working with institutions that combine geographic breadth with sector knowledge can reduce execution risk and improve transaction efficiency in complex export finance transactions.

In a context where trade corridors are evolving and new economic partnerships are emerging, sustained leadership in export finance requires adaptability. Banks must understand not only traditional export markets but also the dynamics of emerging trade routes and strategic industries shaping the future of global trade finance.

Stability through long-term export finance commitment

Export finance transactions are often long-dated and capital intensive. They demand rigorous structuring, coordination with export credit agencies and alignment with regulatory frameworks. As uncertainty persists in global markets, the ability to provide continuity and long-term commitment becomes a competitive advantage in international export financing.

Holding the top global position for four consecutive years signals sustained capability rather than a single-year performance. It reflects consistency in origination, execution and balance sheet support, as well as close collaboration with public and private stakeholders across the global export finance ecosystem.

In an era defined by elevated risk perception, export finance can serve as a stabilising mechanism within the broader capital markets ecosystem. By enabling trade flows and cross-border investment, it contributes to economic resilience and supports employment, industrial competitiveness and infrastructure development.

The future of Export Finance and Trade Finance

The themes highlighted in the World Economic Forum’s Global Risks Report suggest that volatility will remain a defining characteristic of the global economy in the coming years. Trade patterns will continue to evolve, and strategic sectors will require sustained capital deployment.

In this context, export finance is likely to grow in strategic importance. Institutions capable of combining global reach, structuring expertise and long-term balance sheet commitment will play a central role in supporting exporters and importers as they navigate a more fragmented world.

As global uncertainty reshapes economic priorities, maintaining strong trade finance capabilities is not simply a question of market share. It is about enabling growth, strengthening competitiveness and supporting clients through cycles of change – positioning Santander as the leading global export finance bank in a rapidly evolving international trade environment.