Question

what is meant by balance of trade discuss the terms favourable balance of trade and unfavourable balance of trade how has international trade undergone a major change in the last 15 years?​

Answer 1

Answer:

The balance of trade is the difference between the value of exports and the value of imports. i) If the value of exports exceeds the value of imports, it is known as favourable balance of trade. ii)On the other hand, if the value of imports exceeds that of exports, it is known as unfavourable balance of trade.