The statement, "Difference between money paid to and money received from other nations in trade is called balance of trade" is true.
Explanation:
The balance of trade, business parity, or net fares (here and there symbolized as NX), is the contrast between the fiscal estimation of a country's fares and imports over a specific time span.
At times a qualification is made between a parity of exchange for merchandise versus one for administrations. The parity of exchange quantifies a progression of fares and imports over a given time frame. The thought of the parity of exchange doesn't imply that fares and imports are "in balance" with one another.
On the off chance that a nation sends out a more noteworthy incentive than it imports, it has an exchange surplus or positive exchange balance, and then again, if a nation imports a more prominent incentive than it sends out, it has an exchange shortfall or negative exchange balance.
Starting at 2016, around 60 out of 200 nations have an exchange overflow. The idea that reciprocal exchange shortfalls are awful all by themselves is overwhelmingly dismissed in terms of professional career specialists and financial experts
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