balance of trade
- noun the international trading position of a country in merchandise, excluding invisible trade. If exports are greater than imports there is a balance of trade surplus (or favourable balance of trade).
- The difference between the value of all imports and the value of all exports for a country over a given period of time, not including financial imports and exports. A positive balance of trade means that a country has a trade surplus. A negative balance of trade means that a country has a trade deficit.