The difference between the value of exports and the value of imports of goods of a country in a given period of time is known as by what name?

Balance of Trade

The correct answer is Option (1) → Balance of Trade

The Balance of Trade (BoT) refers to the difference between the value of a country's exports and imports of goods during a given period.

• If exports > imports, it is a trade surplus.

• If imports > exports, it is a trade deficit.

It includes only visible items (goods) and is a component of the current account in the Balance of Payments.

Other Options: 

• Balance of Payments (BOP): This is a much broader term. It is a comprehensive statement that records all economic transactions between residents of a country and the rest of the world over a specific period. It includes not just the balance of trade, but also services, income flows, and capital transfers.

• Capital Account Deficit: A capital account deficit is a component of the BOP that occurs when the country's residents are investing more abroad than foreign residents are investing in the country. It is not the same as the trade balance.

• Net Invisibles: This is a component of the current account within the BOP that measures the difference between exports and imports of services (e.g., tourism, banking, and insurance).