Boyd’s Bible Dictionary:
(balsam). The Balm of Gilead, or Mecca balsam, exudes an agreeable balsamic resin, highly prized in the East as an unguent and cosmetic, as the crushed leaves were for their odor (Gen. 37:25; 43:11; Jer. 8:22; 46:11; Ezek. 27:17).
Concise Bible Dictionary:
The gum of the balsam bush, of great medicinal virtue. Gilead was noted for its production. It is used as a proverb to set forth the healing God had for His people if they really turned to Him. (Jer. 8:22; Jer. 46:11; Jer. 51:8). It was carried by the merchants into Egypt and elsewhere (Gen. 37:25; Ezek. 27:17). Jacob sent a little to Joseph (Gen. 43:11).