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Calculate the balance of trade and indicate whether it is a surplus or deficit

Economics

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3 parts
21

K Million 505\text{K Million } 505

22

K Million 132\text{K Million } 132

23

K Million 190 deficit\text{K Million } 190 \text{ deficit}

Step-by-step solution

6 steps

Here are the solutions to questions 21, 22, and 23:

Part 21· 2 steps

To calculate the total goods and services bought from other countries, we sum the visible imports and invisible imports.

  1. Identify visible and invisible imports from the table.

    Visible imports = K Million 459
    Invisible imports = K Million 46

  2. Add the values to find the total.

    Total imports=Visible imports+Invisible imports\text{Total imports} = \text{Visible imports} + \text{Invisible imports} Total imports=459+46\text{Total imports} = 459 + 46 Total imports=K Million 505\text{Total imports} = \text{K Million } 505

    The total goods and services bought from other countries is K Million 505.

    K Million 505\boxed{\text{K Million } 505}

Part 22

K Million 132\text{K Million } 132

"Received for the services provided" refers to invisible exports.

  1. Identify invisible exports from the table.

    Invisible exports = K Million 132
    The amount received for services provided is K Million 132.

    K Million 132\boxed{\text{K Million } 132}

Part 23

K Million 190 deficit\text{K Million } 190 \text{ deficit}

To calculate the balance of trade, we subtract visible imports from visible exports.

  1. Identify visible exports and visible imports from the table.

    Visible exports = K Million 269
    Visible imports = K Million 459

  2. Calculate the balance of trade.

    Balance of Trade=Visible exports−Visible imports\text{Balance of Trade} = \text{Visible exports} - \text{Visible imports} Balance of Trade=269−459\text{Balance of Trade} = 269 - 459 Balance of Trade=K Million −190\text{Balance of Trade} = \text{K Million } -190

  3. Determine if it is a surplus or deficit.

    Since the result is negative, it is a deficit.
    The balance of trade is K Million 190 deficit.

    K Million 190 deficit\boxed{\text{K Million } 190 \text{ deficit}}
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