JAMB - Commerce (2025 - No. 36)
The difference between a country's imports and exports of goods in a particular year is
balance of trade
balance of payment
terms of trade
terms of payment
Explication
The difference between a country's imports and exports of goods in a particular year is the balance of trade. If a country exports
more than it imports, it has a trade surplus. If it imports more than it exports, it has a trade deficit.
more than it imports, it has a trade surplus. If it imports more than it exports, it has a trade deficit.