Study the given bar graph and answer the question that follows.
In 2020, exports decreased by the same percentage relative to 2019 as they had from 2017 to 2018, while imports increased by the same percentage relative to 2019 as they had from 2017 to 2018. In 2020, by what percentage were exports less than imports (nearest integer)?
Solution
Percentage changes (2017 to 2018)
Imports: From 400 to 450
Increase = 50/400 = 12.5%
Exports :From 360 to 320
Decrease = 40/360 = 11.11%
Exports in 2020
2019 value = 400
Decrease by 11.11%
400×(1−0.1111)=355.6
Imports in 2020
2019 value = 480
Increase by 12.5%
480×1.125=540
Difference = 540 - 355.6 = 184.4
The percentage by which exports were less than imports (2020)
(184.4/540)*100 = 34.2%
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