According to a trade forecast from HSBC Bank USA, Asia and Latin America present the best opportunities for US exporters.

The bank said that industrial machinery and transport equipment will be “the key industries driving trade expansion”. It also said that US exports are expected to increase by 6% a year through to 2030, but exports to both China and India should average 9% annual growth over that period.

HSBC’s Trade Confidence Index (TCI) found that 305 of US manufacturers identify Asia — particularly China and India — as the most promising region for business growth in the next six months.

Meanwhile, 25% think that Latin America — especially Mexico and Brazil — is the most promising export destination.

While business leaders remain confident about business prospects, the TCI fell from 115 six months ago to 110 (figures over 100 represent an expansion in trade).

Although Canada, Mexico and China will remain the top export destinations for US businesses, HSBC said that Brazil and Korea will replace Japan and Germany over the next 20 years to round out the top five.

Meanwhile, China, India and Vietnam will be the fastest-growing suppliers of imports into the USA, with imports from China growing at an average of 7% annually through to 2020 and accounting for 20% of US imports.