Question 1 Report
Table 1 shows trade data for an economy that imports fuel and exports software services.
| Year | Exports ($bn) | Imports ($bn) |
|---|---|---|
| 2021 | 48 | 52 |
| 2022 | 55 | 68 |
| 2023 | 63 | 61 |
(a) Which year had a trade surplus? [1]
(b) Show the trade balance in 2022. [1]
(a) 2023 had a trade surplus, because exports of $63 billion exceeded imports of $61 billion. [1]
(b) The 2022 trade balance was:
\[\$55\text{ billion}-\$68\text{ billion}=-\$13\text{ billion}\]
This is a $13 billion trade deficit. [1]
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