An analysis of the UK's trade relations with a global partner reveals that in a given financial year, the UK exported £42.5 billion\text{\pounds}42.5\text{ billion}£42.5 billion of services and £28.2 billion\text{\pounds}28.2\text{ billion}£28.2 billion of goods. In the same period, the UK imported £31.4 billion\text{\pounds}31.4\text{ billion}£31.4 billion of services and £53.7 billion\text{\pounds}53.7\text{ billion}£53.7 billion of goods from this partner.
Which of the following options correctly identifies the UK's overall trade balance with this partner and whether it represents a trade surplus or a trade deficit?
A trade surplus of £11.1 billion\text{\pounds}11.1\text{ billion}£11.1 billion
A trade deficit of £14.4 billion\text{\pounds}14.4\text{ billion}£14.4 billion
A trade surplus of £14.4 billion\text{\pounds}14.4\text{ billion}£14.4 billion
A trade deficit of £25.5 billion\text{\pounds}25.5\text{ billion}£25.5 billion
