Displaying items by tag: Expansion
The trade finance gap represents the cumulative amount of requested trade finance that is rejected. In 2019, the Asian Development Bank estimated that the global trade finance gap was at USD 1.5 trillion, but amid the fallout from the pandemic this figure has skyrocketed. A new research from the International Chamber of Commerce (ICC) estimates a capacity of USD 1.9 to USD 5 trillion in the trade credit market is necessary to return to 2019 levels. Factoring in this estimation along with the existing 2019 trade finance gap of USD$1.5 trillion means that now between US 3.4 trillion and US 6.5 trillion are needed to be able to meet the 2015 UN’s Sustainable Development Goals.