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

Balance of Trade

The correct answer is option (3) : Balance of Trade

The term "Balance of Trade" refers to the difference between the value of a country's exports and its imports of goods during a specific time period. This concept is an essential component of a nation's current account in the balance of payments. It helps to measure the value of a country's international trade, indicating whether it has a trade surplus (exports exceed imports) or a trade deficit (imports exceed exports).

Let's look at the other options to understand why they may not be the correct answer :

Balance of Payment : This is a comprehensive record of economic transactions during a given period between residents of one country and the rest of the world. It includes the current account, capital account, and financial account.

Given these definitions, it is clear that the specific term that denotes the difference between the value of a country's exports and its imports of goods is the "Balance of Trade."