Using the above information calculate Ireland's balance of trade. Workings: Ireland exported €123 billion and imported €79 billion of goods. To calculate the balance of trade, we subtract imports from exports: Balance of trade = Exports - Imports Balance of trade = €123 billion - €79 billion The balance of trade is €44 billion.

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Using the above information calculate Ireland's balance of trade - Junior Cycle Business Studies - Question i - 2019

Question i

Using the above information calculate Ireland's balance of trade. Workings: Ireland exported €123 billion and imported €79 billion of goods. To calculate the balanc... show full transcript

Worked Solution & Example Answer:Using the above information calculate Ireland's balance of trade - Junior Cycle Business Studies - Question i - 2019

Step 1

Using the above information calculate Ireland's balance of trade.

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Answer

To find the balance of trade, we calculate:

Balance\, of\, trade = Exports - Imports = €123\, billion - €79\, billion = €44\, billion

Step 2

Give one reason why international trade is important for Ireland.

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Answer

International trade is important for Ireland because it provides access to larger markets, which increases Ireland’s exports to other countries.

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