Q. Which term is used to define the difference between the total imports of the country and the total exports?
Answer:
Trade Deficit
Notes: Trade Deficit is defined as the difference between the total imports of the country and the total exports. This condition occurs when a country is importing more goods than it is exporting.
Recently, the Commerce Ministry announced that the trade deficit in the month of March fell to $9.76 billion, which is the lowest in the last 13 months. Due to the steep fall in export of leather, gems and jewellery and petroleum products, the total exports in the year 2019-20 decreased.