Rapidly expanding global trade in coming years and changing trade patterns indicate that U.S. companies will have to work harder to win market share, according to HSBC's recently updated trade forecast.

It shows international trade accelerating in 2014 instead of 2015 as the bank previously forecasted. Global trade is now expected to grow at an annualized rate of 3.8% over the next five years, and will pick up to an annualized rate of 6.23% a year from 2017 through 2021.

In 2016 and 2017, HSBC sees "tremendous growth" spurred by "trade fueling trade," says Christopher Lewis, head of trade and receivables finance for North America. That includes businesses investing in equipment needed for trade, such as containers and packaging, and putting in place trade infrastructure such as container ports and railways. He notes, for example, Panama's work to widen its canal, set to be completed in 2014.

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Susan Kelly

Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.