Question

assume that South Korea exported goods Worth about S17 billion and imported goods worth about S9 billion in a year.what was the trade surplus or deficit for south korea that year

Answer 1

17 billion - 9 billion = 8 billion so the surplus is 8 billion

Answer 2

Answer:

If South Korea exported goods worth about $17 billion, and imported goods worth about $9 billion in a year, there would be a trade surplus of about $8 billion in the South Korean balance of trade.

Explanation:

The trade balance is a record of imports and exports of a country in a certain period.

Imports are purchases that citizens, companies or the government of a country make of goods and services produced by other countries and that are taken to the buyer country, therefore, foreign products or customs are introduced into a country.

Exports are the goods or services that are produced in a country, which are sold and sent to customers from other countries. In other words, export is the traffic of goods and services of a country in order to be used or consumed in another country.

The balance of the trade balance is the difference of total exports and total imports handled in the country.  It can be expressed in two ways:

-Positive: When more goods and services are exported than are imported, which is called a trade surplus.

-Negative: When the value of exports is lower than that of imports, trade deficit.