Why do countries trade?
They can get products from abroad cheaper or of higher-quality
What is the Bilateral Trade Balance?
the difference between exports and imports between two countries. ( US-China is over $200
What is a Trade Balance?
the difference between the total value of exports and the total value of imports.
What is a Trade Surplus?
when a country exports more than it imports.
What is a Trade Deficit?
occurs when your country imports more than they export