If the value of imports for the current year is $3 billion and the value of exports is $8 billion, what effect will this have on the country’s trade balance?

The effect that this will have on the country's trade balance is called the trade deficit. Trade deficit is defined as an economic condition wherein the country is importing more goods than exporting. This deficit is equal to the value of imported goods minus the value of exported goods and this puts this would result in the uncertainty of the country's currency.