What is balance of trade? Explain the terms trade deficit and trade surplus.
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The balance of trade, commercial balance, or net exports is the difference between the monetary value of a nation's exports and imports over a certain period.
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Balance of trade is the balance of trading of goods and services to another country.
Trade surplus arise when there is more gain due to more exports and Trade deficit is loss due to trading of goods & services due to more import.
Trade surplus arise when there is more gain due to more exports and Trade deficit is loss due to trading of goods & services due to more import.
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