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English definition of “balance of payments”

balance of payments

noun [C usually sing]    /ˈbæl·əns əv ˈpeɪ·mənts/ (also balance of trade,    /ˈbæl·əns əv ˈtreɪd/)
the difference between income from exports (= goods and services sold to other countries) and the cost of imports (= goods and services bought from other countries)
(Definition of balance of payments noun from the Cambridge Academic Content Dictionary © Cambridge University Press)
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