The balance of exports and imports of goods is referred to as:

The correct answer is Balance of trade ​.

Key Points

• The difference between the value of a country's exports and the value of its imports for a certain period is known as the balance of trade (BOT).
• The main component of a country's balance of payments is the balance of trade (BOP).
• The balance of trade between a country's goods and the balance of trade between its services are sometimes reported separately. The trade balance, also known as the international trade balance, commercial balance, or net exports, is a term used to describe the balance of commerce.
• The total value of exports minus the total value of imports is a simple method for determining the BOT. The BOT is a metric used by economists to assess a country's economic strength.
• A trade deficit or a negative trade balance is when a country buys more products and services in terms of value than it exports. A trade surplus or positive trade balance occurs when a country exports more products and services than it imports.