ENTREPRENEURSHIP

Detailed explanation-1: -If exports exceed imports then the country has a trade surplus and the trade balance is said to be positive. If imports exceed exports, the country or area has a trade deficit and its trade balance is said to be negative.

Detailed explanation-2: -The trade surplus is a financial term that defines the economic status whose export value is more than its import value. It is a growth measure that indicates an economy’s improvement. It is also called a positive trade balance and computed as the positive difference between the export and import values.

Detailed explanation-3: -When a country exports more than it imports (i.e., the difference between exports and imports is positive), the country is said to have a trade surplus. When the opposite is true, the country is said to have a trade deficit.

Detailed explanation-4: -A trade deficit occurs when a country’s imports exceed its exports during a given time period. It is also referred to as a negative balance of trade (BOT).

Detailed explanation-5: -A trade deficit occurs when a country imports more goods than it exports. A trade surplus occurs when a country exports more goods than it imports.