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balance of trade

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Q: What is the term for the difference between the total value of exports and the total value of inports?
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What is the difference between total imports and exports?

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Balance of payments: A systematic record of a nation's total payments to foreign countries, including the price of imports and the outflow of capital and gold, along with the total receipts from abroad, including the price of exports and the inflow of capital and gold. Balance of trade The difference in value between the total exports and total imports of a nation during a specific period of time.


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