1. Unfavourable balance of trade: When the value of a country's imports exceeds the value of its exports, it is referred to as an unfavorable balance of trade. This situation is often associated with a trade deficit, meaning that the country is spending more on importing goods and services than it is earning through its exports.

2. Favourable Balance of Trade:
  - A favourable balance of trade occurs when the value of a country's exports is greater than the value of its imports. This situation is often associated with a trade surplus, meaning that the country is earning more from its exports than it is spending on importing goods and services. A favourable balance of trade can contribute to economic growth and the accumulation of foreign exchange reserves.

3. Positive Balance of Trade:
  - A positive balance of trade is another term used to describe a situation where the value of a country's exports exceeds the value of its imports. This term is essentially synonymous with a favourable balance of trade and indicates that the country is exporting more than it is importing. A positive balance of trade is generally seen as economically beneficial.

4. Composition of Trade:
  - The term "Composition of Trade" refers to the structure and makeup of a country's trade, including the types of goods and services that are traded. It focuses on analyzing the categories, industries, and partners involved in a country's international trade. This term is not directly related to whether the trade balance is favourable or unfavourable but rather provides insights into the nature and diversity of a country's trade relationships.