Which of the following represents a balance of trade surplus?

A balance of trade surplus occurs when a country exports more goods and services than it imports. This situation indicates that the country is selling more to foreign markets than it is purchasing from them, resulting in a net inflow of money from trade. A surplus is typically seen as a positive economic indicator, as it suggests that the country's industries are competitive in the global market and that it is generating revenue through its exports.

The other scenarios do not describe a balance of trade surplus. For instance, if imports exceed exports, the country is facing a trade deficit, where it is spending more on foreign products than it is earning from its own exports. A situation where trade balances out means that exports and imports are equal, which would indicate no surplus or deficit. Lastly, having no trade relationships at all would not pertain to trade balances and therefore would not apply to the concept of a surplus.