From the information provided in Source 1 calculate the Balance of Payments for March - Leaving Cert Business - Question A - 2018

Since the Balance of Payments is positive at €5.2 billion, this indicates a surplus.

Visible exports are physical goods sold by businesses in Ireland to customers in other countries. An example is Irish companies selling pharmaceuticals overseas.

Visible imports, on the other hand, are physical goods purchased by Irish consumers from foreign countries. For instance, Irish buyers importing cars from the UK.

From the information provided, the country with the largest percentage share of global exports is China.

The European Union accounts for 16% of global exports.

1. No barriers to trade - Irish businesses can move goods freely without tariffs across EU member states, reducing costs related to customs.

2. Use of the Euro - Irish businesses selling to EU countries that use the Euro do not face currency exchange risks, simplifying pricing and sales.

1. Language difficulties - Marketing and promotional materials must be accurately translated, which can lead to increased costs and potential misunderstandings.

2. Cultural differences - Navigating the cultural landscape in China is crucial, as Irish products might not align with local preferences.