The global trade finance gap jumped to a record $2.5 trillion last year, as heightened economic risks left banks’ financing capacity stretched, according to the Asian Development Bank.

The trade finance gap — the difference between requests and approvals for financing to support imports and exports — grew by 47% from $1.7 trillion in 2020 on rising interest rates, flagging economic prospects, inflation, and geopolitical volatility, according to ADB’s 2023 Trade Finance Gaps, Growth, and Jobs Survey published Tuesday.

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Global Trade Finance Gap at Record $2.5 Trillion, Says ADB