Question
The difference between the value of a country’s total
export and total import within a given time is called:Solution
The difference between the value of a country’s total export and total import within a given time is called Balance of Trade (BoT). If Balance of Trade is positive, it is called trade surplus. It means the country’s export is more than its import. If this value is negative, it is called trade deficit. This means import is more compared to export. Note that Balance of Trade includes import and export of goods only not services.
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