The difference in types of balances of trade can be defined in 3 ways as mentioned below.
(i) When the value of imports is more than the value of exports, it is called ‘unfavorable balance of trade.
(ii) When the value of exports is more than the value of imports, it is called ‘favourable balance of trade.
(iii) When the value of exports and imports is almost the same, it is called ‘balanced balance of trade’.
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