Table 11.6 contains hypothetical data for Canada's balance of payments accounts for a particular year.(Figures are in $ billions. )

-Refer to Table 11.6 to answer this question.What is Canada's balance of trade?

Question

Table 11.6 contains hypothetical data for Canada's balance of payments accounts for a particular year.(Figures are in $ billions. )
 
-Refer to Table 11.6 to answer this question.What is Canada's balance of trade?

Quizplus · Accepted Answer

The balance of trade is the difference between exports and imports of goods. In Table 11.6, Canada's exports of goods are $550 billion, while imports are $545 billion. Therefore, the balance of trade is a surplus of $5 billion.

Table 116 Contains Hypothetical Data for Canada's Balance of Payments Accounts