Balance of payments tend to be brought into equilibrium under a metallic standard. "If they wish to import more, they must export more." or some form of cutting back on those dispensable goods. It is only when there's further issuance of fiduciary media, that the same amount of goods and services can be imported despite there's a fall in the purchasing power of money. It is because there's more fiduciary media that a fall in the PPM does not throttle imports and encourage exports.

A fall in the PPM that is not brought about by issuance of fiduciary media does not "worsen" the trade balance. Only inflation does.