Absolutely. In fact I think bitcoin will revolutionize this space.
We currently send between $15K ~ $40K USD overseas each week using traditional payment infrastructure. It is timely and expensive.
I am currently in the process of working out how to best use bitcoin to pay our suppliers. They are scared/confused and do not want to accept it standalone so I am trying to use it as method of sending fiat quickly overseas, rather than simply sending bitcoins to the supplier. Either way would work our far cheaper and more efficient than what we are currently doing.
We currently use bitcoin for international B2C trade and it is far superior than any other method I've used. Quick, irreversible payments have allowed us to do business in some very tough markets. See our order map
here.You could use Bitpay, or create your own Bitpay in those countries (China?) and bootstrap it with your own B2B payments.
For intl fiat payments I use a corp here that does instant payments worldwide. I pay them locally with an account here and they have correspondent accounts that instantly pay out across the world in 25 different currencies, for a flat rate of $50, no fee if over $100k. I lose about 1% in exchange rate difference which is typically what you would pay to Bitpay or an exchanger anyways so I don't see the advantage for Bitcoin yet unless you're sending to a 3rd world country or Iran.
As for L/C most importers want to use this method, because they can reduce risks importing. This has been the standard for ages it will never change as shipping insurance and customs is involved. L/C are also used by suppliers to gain access to bank credit themselves, since L/C are pledged by exporters as security against working capital loans so nobody will want to touch Bitcoin it offers them nothing, esp in developing countries who need working capital.
Belarus and Iran might want to use Bitcoin though for imports/exports since they are under financial embargo, same with Sudan, Somalia, probably Syria
