Economics GCSE
Balance of trade
What Balance of trade means in Economics GCSE, as defined for AQA.
Definition of Balance of trade
Check what you remember
Read the wording for your board, then hide it and explain Balance of trade in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: AQA
The difference in value between visible exports, which are goods sold abroad, and visible imports, which are goods bought from abroad.
Topics that use Balance of trade
- Balance of payments (AQA GCSE)
Related terms
- Balance of payments
- Current account
- Current account deficit
- Current account surplus
- Economic growth
- Exchange rates
- Expenditure-reducing policies
- Inflation
Using Balance of trade in the exam
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