The difference between the value of exports and the value of imports of goods of a country in a given period of time is called ______.

The correct answer is Balance of Trade.

Key Points

• The main component of a country's balance of payments (BOP)​ is the balance of trade (BOT), which is the difference between the value of a country's imports and exports for a specific period.
• A nation with a trade deficit is one that imports more goods and services than it exports in value terms, whereas a nation with a trade surplus is one that sells more goods and services than it imports.
• Despite the current trade battle with China, the United States had the highest trade deficit in 2019, surpassing the United Kingdom and Brazil.
• Germany had the largest trade surplus in 2019, followed by Japan and China. 
• The current account, which also includes other activities like income from net international investment position and foreign aid, contains the balance of trade as one of its components.
• The nation's net international asset position improves proportionately if the current account is in surplus. A deficit also results in a decline in the net position of foreign assets.

Important Points

• Trading capital is the sum of money allocated to a person or business to buy and sell different assets.
• People who possess one thing and desire another can freely exchange or trade it with one another. This behaviour is described by the words "exchange" and "trade."