DMCC Commodity Trade Index 2026

China maintained eighth place but saw the sharpest score drop in the index, falling five percentage points to 29%. Its trade war with the US has driven its locational score to 0% — the only country to score zero in any pillar. Commodity endowment in rare earths and critical minerals remains a clear strength.

Hong Kong SAR maintained its fifth place and saw its score rise, benefiting from a much smaller share of trade with the United States than most other hubs.

It leads all ten hubs in institutional factors with a score of 85%.

The Netherlands climbed from sixth to third, the largest movement among hubs in the 2026 edition.

EU membership and a smaller share of commodities trade with the United States left it less exposed to tariff retaliation than most other hubs.

In a disrupted environment, relative resilience is its own competitive advantage.

Nigeria held last place with a score of 18% and is the only country to score 0% in the institutional pillar. Its oil reserves continue to drive significant petroleum exports, and high oil prices push its natural resource rents as a share of GDP to third among the ten hubs.

Singapore fell two places to sixth, with a score of 41%, as its U.S. trade exposure makes it more vulnerable to tariff impositions than hubs with less concentrated U.S. trade.

Its institutional pillar remains the second strongest in the index, behind only Hong Kong SAR.

South Africa retained ninth place with a score of 21%, continuing to lag on locational and trading partner factors. It has benefited from greater shipping passage through the Cape of Good Hope as Red Sea disruptions reroute global trade routes.

Switzerland dropped one place to fourth with a score of 44%, driven primarily by tariff exposure. The US is estimated to be its largest export partner by a significant margin. Its institutional pillar remains strong, ranking third overall, anchored by trade facilitation and regulatory enforcement.

The UAE retained second place with a score of 47%, down three points from 2024, as the Iran conflict and the closure of the Strait of Hormuz weighed on petroleum exports.

Its corporate tax regime remains by far the most attractive of the ten hubs.

The UK held seventh place with a score of 36%, with economic challenges weighing on its financial services performance and the value of commodities firms headquartered in London. It does a smaller proportion of its trade with the US compared to other hubs, offering some insulation from tariff volatility.

The United States holds first place for the third consecutive year with a score of 57%, though its overall score dropped two percentage points.

Its locational score fell from 54% to 36%, driven primarily by retaliatory tariffs imposed by major trading partners following Liberation Day in April 2025.