Participation of Commercial Banks In Financing Foreign Trade Operations: Trends and Prospects
Abstract
This study investigates the trends and prospects of the participation of commercial banks in financing foreign trade operations. The overall corporate loan portfolio expanded nearly 5.7 times during the period, driven by structural reforms, government support programs, and improved credit conditions. Forecasts using the SARIMA and Holt-Winters models provide different perspectives: SARIMA anticipates a moderate and risk-sensitive growth path, while Holt-Winters projects a more optimistic scenario with rapid expansion, particularly from 2026 onwards. Both models suggest continued lending growth, but emphasize the importance of strategic planning. SARIMA highlights the need for risk mitigation amid economic uncertainties, whereas Holt-Winters supports a long-term view grounded in technological advancement, digitalization, and sustained policy support. The insights from both models will be crucial for policymakers and financial institutions to design balanced, forward-looking credit strategies that support sustainable economic development.
References
Petersen, Mitchell A., and Raghuram G. Rajan. "Trade credit: theories and evidence." The review of financial studies 10.3 (1997): 661-691.
García-Teruel, P. J. & Martínez-Solano, P. M. (2010). Determinants of trade credit: a comparative study of European SMEs. International Small Business Journal, 28(3), 215-233
Long, M. S., Malitz, I. B. & Ravid, A. (1993). Trade credit, quality guarantees, and product marketability. Financial Management, 22(4), 117-127.
Emery, G. W. (1984). A pure financial explanation for trade credit. Journal of Financial and Quantitative Analysis, 19(3), 271-285.
Ng, C. K., Smith, J. K. & Smith, R. L. (1999). Evidence on the determinants of credit terms used in interfirm trade. The Journal of Finance, 54(3), 1109-1129
Carvalho,C.J.D. & Schiozer,R.F. (2015). Determinants of supply and demand for trade credit by micro, small and medium-sized enterprises. Revista Contabilidade and Finanças, 26(68), 208-222.
Schwartz, R. A. (1974). An economic model of trade credit. Journal of Financial and
Quantitative Analysis, 9(04), 643-657
Ferris, J. S. (1981). A transactions theory of trade credit use. The Quarterly Journal of Economics, 96(2), 243-270.
Daripa, A. & Nilsen, J. (2011). Ensuring sales: A theory of inter-firm credit. American Economic Journal: Microeconomics, 3(1), 245-279
Mateut, S. (2014). Reverse trade credit or default risk? Explaining the use of prepayments by firms. Journal of Corporate Finance, 29, 303-326.
Nadiri, M. I. (1969). The determinants of trade credit in the US total manufacturing sector. Econometrica: Journal of the Econometric Society, 37(3), 408-423.
Burkart, M. & Ellingsen, T. (2004). In-kind finance: A theory of trade credit. The American Economic Review, 94(3), 569-590. 10.1257/0002828041464579.
Klapper, L., Laeven, L. & Rajan, R. (2012). Trade credit contracts. Review of Financial Studies, 25(3), 838-867
Mian, S. L. & Smith, C. W. (1992). Accounts receivable management policy: Theory and evidence. The Journal of Finance, 47(1), 169-200.
Marotta, G. (2005). When do trade credit discounts matter? Evidence from Italian firm-level data. Applied Economics, 37(4), 403-416.
Alarcón, L. S. (2011). The trade credit in the Spanish agrofood industry. Mediterranean Journal of Economics, Agriculture and Environment, 10(2), 51-57
Fabbri, D. & Klapper, L. (2008). Trade credit supply, market power and the matching of trade credit terms. Policy Research Working Paper, 4754. World Bank,Washington DC.
Copyright (c) 2025 Ishandjanov Sardor Tulashbekovich

This work is licensed under a Creative Commons Attribution 4.0 International License.
In submitting the manuscript to the Central Asian Journal of Innovations on Tourism Management and Finance, the authors certify that:
- They are authorized by their co-authors to enter into these arrangements.
- The work described has not been formally published before, except in the form of an abstract or as part of a published lecture, review, thesis, or overlay journal.
- That it is not under consideration for publication elsewhere,
- The publication has been approved by the author(s) and by responsible authorities – tacitly or explicitly – of the institutes where the work has been carried out.
- They secure the right to reproduce any material that has already been published or copyrighted elsewhere.
- They agree to the following license and copyright agreement.
License and Copyright Agreement
Authors who publish with Central Asian Journal of Innovations on Tourism Management and Finance agree to the following terms:
- Authors retain copyright and grant the Central Asian Journal of Innovations on Tourism Management and Finance right of first publication with the work simultaneously licensed under Creative Commons Attribution License (CC BY 4.0) that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors can enter into separate, additional contractual arrangements for the non-exclusive distribution of the Central Asian Journal of Innovations on Tourism Management and Finance published version of the work (e.g., post it to an institutional repository or edit it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) before and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.