"The growth of the trade finance gap in 2015 continues to be a drag on trade, and small- and medium-sized enterprises are the most affected," said Steven Beck, Head of ADB's Trade Finance Program.

"The survey shows that both globally and nationally, regulators and policymakers should increase support for trade finance through smarter banking regulations, more transparent and comprehensive credit ratings systems, and capacity building for local banks. ADB's Trade Finance Program stands ready to assist member countries and our client banks in all of these areas."

According to the brief, trade finance gaps persist in part due to the cost and complexity of compliance with banking regulations, with 90% of surveyed banks citing anti-money laundering and know-your-client requirements as impediments to their ability to expand trade finance, especially for small businesses. Basel III banking regulations, which set liquidity requirements for bank finance, are also cited by 77% of respondents as a major barrier to finance new trade.

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