A country's balance of trade of -$20 million shows that its

Assessment: WAEC SSCE - Commerce - 2021 (Objective) Subject: Commerce

Question 1 Report

A country's balance of trade of -$20 million shows that its 

Answer Details
A balance of trade of -$20 million means that the country is importing more goods and services than it is exporting. In other words, the value of its imports exceeds the value of its exports by $20 million. This can have an impact on the country's economy, as it may be spending more on imports than it is earning from exports. The country may need to find ways to reduce its import volume or increase its export volume to improve its balance of trade.
Read lesson note on Trade (WAEC)
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