Using the correct terminology and actual numbers, describe the US balance of payments position in 2018, as shown in Table 27.1. Consider each of the components of the balance of payments, using real numbers to explain whether each is in surplus or deficit. Explain how the balance of payments as a whole is balanced.

Data from Table 27.1

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Current account Capital account Financial account Net errors + Omissions Figure 27.1 The balancing balance of payments