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Define balance of trade. When the balance of trade is called favourable or unfavourable?

Solution

The difference between the value of imports and exports of a country is called the balance of trade.
Balance of trade is said to be favourable or positive when the value of export of a country exceeds the value of its imports. If the value of imports of a country is more than the value of its exports the balance of trade is said to be unfavourable or negative.

Some More Questions From International Trade Chapter

Mention the characteristics of the India's foreign trade.

Distinguish between a port and a harbour.

Explain the meaning of hinterland.

Name important items which India import from different countries.

Name the ports of India located on the eastcoast.

Describe the composition of export and import trade of India.

Write a note on the changing nature of the international trade of India.

Name any four major international airports of India.

Mention any four important items which India exports to other countries.

Name the countries of Africa which India has trade relations.

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