| Month | Exports (%) | Imports (%) |
|---|---|---|
| Jan-23 | 8.0 | 9.5 |
| Feb-23 | 9.5 | 7.0 |
| Mar-23 | 6.0 | 7.5 |
| Apr-23 | 5.5 | 4.0 |
| May-23 | 3.0 | 4.5 |
| Jun-23 | 2.5 | 1.0 |
| Jul-23 | 1.0 | 2.5 |
| Aug-23 | 0.5 | -1.5 |
| Sep-23 | -1.0 | 1.0 |
| Oct-23 | -2.0 | -1.0 |
| Nov-23 | -3.5 | -5.0 |
| Dec-23 | -4.0 | -2.5 |
| Jan-24 | -2.0 | -4.5 |
| Feb-24 | 1.5 | -1.0 |
| Mar-24 | 2.0 | 3.5 |
| Apr-24 | -1.0 | -0.5 |
With reference to the table above, which one of the following statements is correct?
In the year to May 2023, the Australian trade balance improved
In the year to November 2023, the Australian trade balance improved
In the year to January 2024, the Australian trade balance worsened
In the year to March 2024, the Australian trade balance improved
11 exam-style questions on Edexcel A A Level Economics 4.1.7 Balance of payments. Each one has a worked solution and a mark scheme showing where the marks go.