In a given year, us exports were $5 billion and imports were $16 billion. what was the us trade deficit or trade surplus that year?

The answer is: United States would have a deficit of $11 billion in the given year.

A trade surplus occurs when a country exports more than it imports. On the other hand, a deficit is when a country imports more products than it exports.

In the above example, the United States is exporting only $5 billion of goods but importing $16 billion of products. This means that the total trade deficit in the example is 16-5 = $11 billion.

This actually represents the current situation of the United States where it has a significant trade deficit with many major economies in the world, most noticeably with China.

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