Answer: Since the island nation's reported a trade surplus, we can conclude that the nation had exports were greater than $3.2 billion. A trade surplus is also known as a favorable balance of trade.
The difference between the value of goods and services exported by a nation (X), and the value of goods and services imported by a nation (M) is known as the balance of trade (X-M).
A trade surplus occurs when the balance of trade is positive; i.e when a nation's exports are greater than its imports (X > M).
A trade deficit or a trade gap occurs when the balance of trade is negative; i.e when a nation's imports are greater than its exports(X < M).
