Define the term trade surplus. How …
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Meghna Thapar 5 years ago
Britain had a trade surplus with India. Britain used this surplus to balance its trade deficit with other countries that are with the countries from which Britain was importing more than it was selling to by helping Britain balance its deficits, India played a crucial role in the late nineteenth-century world economy. Britain's trade surplus in India also helped to pay the so-called 'home charges' that included private remittances home by British officials and traders, interest payments on India's external debt and pensions of British officials in India.
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