To correct a balance of payments deficit, a country has monetary and trade measures available. Monetary measures include deflation, devaluation, exchange rates, and exchange depreciation. Trade measures involve export promotions and import controls such as quotas. Deflation lowers prices to make exports cheaper abroad. Devaluation reduces the value of the home currency to boost exports and curb imports. Quotas limit the quantity of goods that can be imported to reduce the deficit and improve the balance of payments.