Balance of Payments: The balance of payments is a record of all economic transactions between one country and the rest of the world over a specific period. It includes both visible trade (goods) and invisible trade (services).
Current Account Deficit/Surplus: The current account measures the balance of trade in goods and services plus net income from abroad. A deficit occurs when a country imports more than it exports, while a surplus occurs when a country exports more than it imports.
Protectionism: Protectionism refers to government policies that restrict or regulate international trade in order to protect domestic industries from foreign competition. It can contribute to trade imbalances.