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TeachMeFinance.com - explain Balance of payments Balance of payments The term 'Balance of payments ' as it applies to the area of agriculture can be defined as ' An accounting statement measuring the value of goods, services and capital exchanged between a country and all foreign countries. A nation is said to have either: (1) a balance of payments deficit if it sends abroad less in goods, services, and capital than it receives from foreigners; or (2) a balance of payments surplus if it sends abroad more in goods, services, and capital than it receives'. Previous 5 Terms: badious Baffle Baffle block (dentate) Bailer Balance Billing Next 5 Terms: Balance of trade Balanced head condition Balancing authority (electric) Balancing item balaniferous About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.