Recorded since 1579 for "aromatic resin used for healing wounds and soothing pains", from Latinbalsamum (also the root of balm via Old French basme, modern baume), itself from Ancient Greekβάλσαμον(balsamon),“‘balsam’”)," from Hebrew (basam) "spice", related to Arameic busma, Arabic (basham) "balsam, spice, perfume". There is an isolated Old English reference from c.1000. As a type of flowering plant of the Balsaminaceae or Impatiens family, it is attested from 1741.
turpentine from the resin of balsam fir — see Canada balsam
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