Question

Romernia, an Asian country, imported goods and services worth $700 million in the last fiscal year. It exported goods worth $400 million in the same year. The difference in the value of Romernia's imports and exports is known as _____.

Answer 1

Net export or Balance of trade

Step-by-step explanation:

The difference in exports and import for n entity or a country is known as the balance of trade or net exports.

As such where Romernia, an Asian country, imported goods and services worth $700 million in the last fiscal year and exported goods worth $400 million in the same year.

Romernia's net export of balance of trade is ($300 million). Negative because the export is less than the import.

Answer 2

The balance of trade.

Step-by-step explanation:

Romernia has an exports value of $400 million and imports of $700 million. The comparism of exports to imports is called balance of trade.

Romernia is importing more than it is exporting so it is said to have a balance of trade deficit.

If however the value of its exports is more than imports it will have a balance of trade surplus.