When the balance of trade is in balance, we can conclude that the value of exports of goods equals the value of imports of goods. This means that the total monetary value of goods that a country exports is equal to the total monetary value of goods that it imports. In simpler terms, the country is not accumulating a trade surplus or a trade deficit; it is importing and exporting the same value of goods.
To elaborate, the balance of trade specifically looks at the transactions involving physical goods and does not take into account services or capital movements. Therefore, option (b) is the correct answer, while options (a) and (c) do not strictly apply when discussing the balance of trade directly.