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If India exports goods worth 20 crores and imports goods worth 30 crores, it will have a_________________.
Surplus of 10 crores in balance of trade
Deficit of 10 crores in balance of trade
Deficit of 50 crores in balance of trade
None of these
Option (2) is correct. Explanation: The term "balance of trade" denotes the difference between the exports and imports of goods in a country. Balance of trade refers to the visible items only. It is the difference between the value of merchandise (goods) exports and imports. Balance of Trade Export of visible goods - Import of visible goods. Here, exports of goods worth ?20 crore is less than the imports of goods worth 30 crore. Therefore, there is a deficit of 10 crores in balance of trade.
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