| Quarter | Balance of Trade in Goods (£ billion) | Balance of Trade in Services (£ billion) | Balance of Total Trade (£ billion) |
|---|---|---|---|
| Q1 2022 | -8.5 | 5.0 | -3.5 |
| Q2 2022 | -9.2 | 4.8 | -4.4 |
| Q3 2022 | -10.5 | 3.5 | -7.0 |
| Q4 2022 | -7.8 | 4.0 | -3.8 |
| Q1 2023 | -6.5 | 2.5 | -4.0 |
| Q2 2023 | -5.8 | 4.2 | -1.6 |
| Q3 2023 | -5.2 | 4.8 | -0.4 |
| Q4 2023 | -6.0 | 5.2 | -0.8 |
Which one of the following can be inferred from the table in the period shown?
The total trade deficit was at its largest in Q4 2022
The total trade deficit was at its smallest in Q3 2023
The trade in goods was in surplus in Q3 2023
The trade in services surplus was at its smallest in Q3 2022
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.