Balance Of Trade
A balance sheet for a country, summarizing the monetary value of the difference between imports and exports during a specific period of time, usually a quarter or a calendar year.
Traditionally it was assumed that a sustained trade deficit (that is, where more is spent on imports than is earned from exports) would have negative consequences for a country and therefore should be avoided. However, the US has had a trade deficit since the 1960s, borrowing to fund its buying. While this had no obvious ill effect for decades, the financial crisis of 2007-10 may show that it is beginning to.