The balance of payments records transactions conducted between residents of a country and the rest of the world. It includes the current, financial and capital accounts. The current account includes:
Trade in goods - payments for export and import of physical goods
Trade in services - payments for export and import of non-physical services
Primary incomes - payments such as dividends and remittances
Secondary incomes - payments such as international aid
A current account deficit means that outflows on the current account are greater than inflows from abroad. Generally it means that the value of imports are greater than the value of exports.
A current account surplus means that the value of exports are greater than the value of imports
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