[[1]] is the difference between export and import.

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Detailed Solution

Balance of trade is the value difference between a country's imports and exports at a specific time.
A favourable balance of trade exists when the value of exports is greater than the value of imports. When the value of imports is greater than the value of exports, then the balance of trade is unfavourable. International Trade refers to trading between two countries. It could take place via water, air, or land. No nation can thrive without international trade since the resources are few and confined to space. A country's advancement in international trade is an indication of economic prosperity. As a result, it got regarded as a country's economic barometer.

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