| 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
103 exam-style questions on Edexcel A A Level Economics 4.1 International economics, covering 4.1.1 Globalisation, 4.1.2 Specialisation and trade, 4.1.3 Pattern of trade, 4.1.4 Terms of trade, 4.1.5 Trading blocs and the World Trade Organisation (WTO), 4.1.6 Restrictions on free trade, 4.1.7 Balance of payments, 4.1.8 Exchange rates, and 4.1.9 International competitiveness. Each one has a worked solution and a mark scheme showing where the marks go.