Question

Over the course of a year, a nation records that its exports total an equivalent of $61,475,059, and its imports total an equivalent of $69,696,824. What is this nation’s balance of trade?

Answer 1

It should be the difference:
$69,696,824 - $61,475,059 = $8,221,765 in deficit.

Answer 2

`\$8,221,765`

Explanation:

Given: The monetary value of a nation's exports = $61,475,059

The monetary value of a nation's imports = $69,696,824

We know that the nation’s balance of trade is the difference between the monetary value of a nation's exports and imports over a course of a year.

Hence, Nation’s balance of trade =
`\$69,696,824-\$61,475,059=\$8,221,765`

Hence, this nation’s balance of trade=
`\$8,221,765`