What is the balance of trade of a country?

1. The balance of trade compares the value of exports with the value of imports. 2. The comparison is made over a specific period of time. 3. A country exporting more than it imports has a favorable balance, called a trade surplus. 4. A country importing more than it exports has an unfavorable balance, called a trade deficit. _Source: OpenStax Introduction to Business (CC BY 4.0), Ch 3 "Competing in the Global Marketplace", section 3.1 Global Trade in the United States_