Nettoexporte

Nettoexporte, or net exports, are the value of a country’s exports minus its imports of goods and services in a given period. They are calculated as NX = X − M, where X is exports and M is imports. In macroeconomics, net exports are a component of gross domestic product (GDP): Y = C + I + G + NX, with NX contributing positively when a country sells more abroad than it buys from other countries. A positive NX indicates a trade surplus, while a negative NX indicates a trade deficit. Net exports also appear in the current account balance, alongside net income from abroad and net current transfers.

Determinants of net exports include relative prices and exchange rates, domestic and foreign income, and the price and quality of goods and services. A depreciation or devaluation that lowers a country’s import prices can raise NX if demand for both exports and imports is sufficiently responsive (the Marshall-Lerner condition). In the short run, the response of NX to exchange rate changes can follow a J-curve pattern, where NX temporarily worsens before improving as quantities adjust.

Measurement and interpretation: net exports are usually reported in monetary terms and can be expressed as a share of GDP to enable cross-country comparisons. They are influenced by trade policies, tariffs, transport costs, and structural factors such as a country’s production base and competitiveness in goods and services, including manufactured goods and services trade.

Policy relevance: persistent net export imbalances can affect exchange rates, reserves, and the broader current account, shaping considerations for macroeconomic and structural policies aimed at improving competitiveness and external balance.