What is the term for a situation where a country imports more than it exports?

The term for a situation where a country imports more than it exports is known as a trade deficit. This occurs when the value of a country's imports of goods and services exceeds the value of its exports. A trade deficit indicates that a country is spending more on foreign trade than it is earning, which can lead to an accumulation of debt if sustained over a long period.

In contrast, a balance of trade surplus refers to the opposite scenario, where exports exceed imports. Export excess is not a commonly used economic term, and balance of payments surplus encompasses a wider range of financial transactions beyond just trade, including capital transfers and financial investments, thus not specifically addressing the trade scenario at hand. Understanding the nuances between these terms is crucial for analyzing economic health and trade relations of countries.