| Month | Balance of Trade in Goods (£ billion) | Balance of Trade in Services (£ billion) | Balance of Total Trade (£ billion) |
|---|---|---|---|
| Jan 2023 | -4.5 | 2.0 | -2.5 |
| Feb 2023 | -5.0 | 1.8 | -3.2 |
| Mar 2023 | -4.2 | 2.2 | -2.0 |
| Apr 2023 | -3.8 | 2.5 | -1.3 |
| May 2023 | -5.5 | 2.4 | -3.1 |
| Jun 2023 | -6.0 | 3.0 | -3.0 |
| Jul 2023 | -5.2 | 2.8 | -2.4 |
| Aug 2023 | -4.0 | 3.2 | -0.8 |
| Sep 2023 | -4.8 | 3.5 | -1.3 |
| Oct 2023 | -3.5 | 3.1 | -0.4 |
| Nov 2023 | -3.0 | 2.8 | -0.2 |
| Dec 2023 | -4.1 | 2.6 | -1.5 |
Which one of the following can be inferred from Table 1 in the period shown?
The trade in goods deficit was at its smallest in June 2023.
The total trade balance was in surplus in August 2023.
The total trade deficit was at its smallest in November 2023.
The balance of trade in services was in deficit for most of the second half of 2023.
2 exam-style questions on Edexcel A A Level Economics 2.1.4 Balance of payments. Each one has a worked solution and a mark scheme showing where the marks go.