The term "merchandise trade balance" is used to describe the balance of trade in goods.
The goods trade balance measures the difference between imports and exports of goods. The level of the foreign trade balance and changes in exports and imports provide information about developments in foreign trade and can indicate the economy's competitiveness.
Therefore, the formula for calculating the trade balance or BOT is as follows:
Trade Balance (BOT) = Export Value − Import Value
Where BOT is the trade balance or trade balance. Export value is the value of goods exported and sold to new buyers
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