The difference between the value of exports and the value of imports of goods of a country in a given period of time is known as by what name?

The correct option is Balance of Trade.

Here is a step-by-step explanation of the concept:
1. Definition of Balance of Trade: The Balance of Trade (BOT), also referred to as the trade balance, is a specific component of a country's balance of payments. It measures the difference between the monetary value of a nation's exports of physical goods (visible items) and the imports of physical goods over a given period of time.
2. Mathematical Representation:

$$\text{Balance of Trade (BOT)}=\text{Value of Exports of Goods}-\text{Value of Imports of Goods}$$

3. Distinction from Other Options:
• Balance of Payment: This is a broader term that records all economic transactions between residents of a country and the rest of the world, including goods, services, assets, and financial transfers.
• Capital Account Deficit: This refers to a situation where the capital outflows from a nation exceed the capital inflows, representing net transactions in financial assets and liabilities.
• Net Invisibles: This represents the net trade balance of services, income transfers, and financial flows that do not involve physical goods (such as tourism, banking, and shipping services).
Therefore, the specific term for the difference between the value of exports and imports of physical goods is the Balance of Trade.