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the amount of goods and services that a country exports, minus the goods and services that it imports *in a [calendar year]*. In 1999 Japan exported much more than it imported, so it had a trade surplus. The same year, the [United States] imported more than it exported, and therefore had a large trade deficit. While Japan had a trade surplus and the USA had a trade deficit, both had something called a trade balance, which was negative for the USA and positive for Japan. A country can have an overall trade deficit (like the USA in all years since 1980) and still have trade surpluses with [individual] countries (e.g., the USA occasionally has trade surpluses with Brazil).
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