Distinguish between balance of trade and balance of payment. Enumerate various items to be included in balance of Payment Accounting.

The concepts of the balance of trade and balance of payments are integral to understanding a country’s economic interactions with the rest of the world, particularly in the context of globalization. These two indicators, while related, serve distinct functions and measure different aspects of international economic relations.

The balance of trade is a component of the balance of payments, which focuses specifically on the difference between the value of a country’s exports and the value of its imports over a specific period, usually annually or quarterly. It measures only the flow of goods and services, excluding financial transfers and other types of international economic activity. A trade surplus occurs when the value of exports _____ __________ _________ ___ ____ ________ ________ ____ _____ _____ _______.
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