The balance of exports and imports of goods is referred to as:

Question

Question

This question was previously asked in

NTPC CBT-I (Held On: 5 Jan 2021 Shift 1)

Answer 1

The correct answer is Balance of trade .

Key Points

The difference between the value of a country's exports and the value of its imports for a certain period is known as the balance of trade (BOT).
The main component of a country's balance of payments is the balance of trade (BOP).
The balance of trade between a country's goods and the balance of trade between its services are sometimes reported separately. The trade balance, also known as the international trade balance, commercial balance, or net exports, is a term used to describe the balance of commerce.
The total value of exports minus the total value of imports is a simple method for determining the BOT. The BOT is a metric used by economists to assess a country's economic strength.
A trade deficit or a negative trade balance is when a country buys more products and services in terms of value than it exports. A trade surplus or positive trade balance occurs when a country exports more products and services than it imports.