... of goods made overseas. * The UK sold £78 072 million worth of goods overseas. * The difference between visible exports and imports is knows and the balance of trade or visible balance. The amounted to -£2 068 million. * The UK bought £75 007 million worth of foreign-produced services. * The UK sold £80 027 million worth of services overseas. * The difference between invisible exports and imports is called the invisible balance. This amounted to £5 020 million. Adding the balance of trade and balance on invisibles together gives the balance on the current account. A deficit on the current account means that more goods and services have been imported into the UK than have been sold abroad. A surplus on the current account means more goods and services have been exported than imported. Transactions in Assets and Liabilities The transactions in assets and liabilities section of the balance of ...

See this essay or coursework document in full right now