Glossary

Record of the difference between exports of goods and imports of goods.

Record of the difference between exports of goods and services and imports of goods and services. In the broad sense, this balance is conceptually equal to net exports of goods and services, which is a component of gross domestic product (GDP).

Tangible products that can be stored or inventoried and that have an average life of at least three years.

Goods and services sold by U.S. residents to foreign residents.

Goods and services purchased by U.S. residents from foreign residents.

Exports of goods and services minus imports of goods and services.

Tangible products that can be stored or inventoried and that have an average life of less than three years.