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Difference between the total value of exports and imports is called [[1]].

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Detailed Solution

The trade balance is the difference between the total value of exports and imports.
The exchange of goods between people, groupings of states, and nations is known as trade. International trade is the term used to describe trade between two nations. It might take place through the land, water, or air channels. Given the scarcity and limited availability of resources, no country can prosper without international trade. Trade includes both export and import. A nation's trade balance is the difference between its exports and imports. If exports exceed imports in value, the trade balance is positive. On the other hand, when imports are worth more than exports, the trade balance is unfavourable.

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