JAMB Commerce 2022 Paper

Concept:The difference between exports and imports of only goods (visible items) is the balance of trade.Explanation:Balance of trade records only physical goods exported and imported.It is calculated as:$$\text{Balance of Trade} = \text{Total visible exports} - \text{Total visible imports}$$If exports exceed imports, there is a favourable balance of trade.If imports exceed exports, there is an unfavourable balance of trade.Balance of payment is broader because it includes both goods and services, so it is not the correct term here.Answer:D. balance of trade