Final answer:
The balance of trade refers to the monetary value of a nation's merchandise exports minus the value of merchandise imports. A trade surplus occurs when a country's exports exceed its imports. Countries like Germany and China have historically experienced trade surpluses.
Step-by-step explanation:
The balance of trade refers to the monetary value of a nation's merchandise exports minus the value of merchandise imports for a given period of time. It is the difference between what a country sells abroad (exports) and what it buys from other countries (imports).
If a country's exports are larger than its imports, then it has a trade surplus. This means that the value of exports exceeds the value of imports, resulting in positive net exports.
Some examples of countries that have historically experienced trade surpluses include Germany and China. These countries have been able to export more goods than they import, contributing to their economic growth and development.