Balance of trade is the difference between the value of a country's imports and exports during a specific period of time is called the balance of trade. If a country exports more than it imports, it has a surplus, or favorable balance of trade. A trade deficit, or unfavorable balance, occurs when a country imports more than it exports.
Barry Goldsmith
| APA | Barry Goldsmith. (2010). balance of trade. Retrieved September 29, 2026, from http://smartdefine.org/balance_of_trade/definitions/1148275 |
| Chicago | Barry Goldsmith. 2010. "balance of trade" http://smartdefine.org/balance_of_trade/definitions/1148275 (accessed September 29, 2026). |
| Harvard | Barry Goldsmith 2010, balance of trade, Smart Define, viewed 29 September, 2026, <http://smartdefine.org/balance_of_trade/definitions/1148275>. |
| MLA | Barry Goldsmith. "balance of trade" 21 October 2010. Web. 29 September 2026. <http://smartdefine.org/balance_of_trade/definitions/1148275> |