Question

In a given year, US exports were $5 billion and imports were $16 billion. What was the US trade deficit or trade surplus that year?

Answer 1

First, we will calculate the net trade balance:
net trade balance = exports - imports = $5 billion - $16 billion = $-11 billions

Then, we will decide whether this is trade deficit or trade surplus. A trade surplus is when the value of exports is more than that of imports while a trade deficit is when value of imports is more.
From the mentioned values, it is clear that the US suffered from a trade deficit this year.
Value of trade deficit = $11 billion.