Question

Assume that South Korea exported goods worth about $17 billion and imported goods worth about $9 billion in a year. What was the trade surplus or deficit for South Korea that year?

Answer 1

Trade surplus = export - import

17 - 9 billion

The trade surplus is $8 billion

Hope this helps!

Answer 2

the answer is: Trade surplus of $8 billion

Trade surplus when the monetary value of our exports exceed the monetary value of our import.

Deficit occurs when the monetary value of our imports exceed the monetary value of our exports.

From the question , we know that South Korea's export is around $ 17 Billion and its import is $9 Billion.

Since the exports exceeds the imports, south korea is experiencing trade surplus of:

$ 17 Billion - $ 9 billion = $ 8 Billion