WAEC - Commerce (2021 - No. 16)
A country's balance of trade of -$20 million shows that its
import volume is greater than export
import and export volumes are equal
export volume is greater than imports
exports are mainly primary products
Explication
The minus (-) sign behind the amount depicts a negative balance. This means the country is giving out more than it is receiving in payment. Simply put, the country's imports exceed its exports by the sum of $20 million.