The gap between exports and imports is called the trade balance.
What is meant by the balance of trade?
balance of trade, the difference in value over a period of time between a country's imports and exports of goods and services, usually expressed in the unit of currency of a particular country or economic union
What is the difference between exports and imports ?
Exports are the goods and services a nation produces and sells to other nations; imports are the goods and services a nation buys from other nations.
What is a trade deficit ?
A trade deficit occurs when "the value of a country's imports exceeds the value of its exports." A trade deficit occurs when "the value of a country's imports exceeds the value of its exports." The rate at which you can exchange one currency for another is called the nominal exchange rate.
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