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

Balance of trade and balance of payment are two important concepts in international economics, but they are different from each other in scope and meaning.

Balance of trade refers specifically to the difference between the value of a country’s exports and imports of goods during a particular period. It focuses only on the trade of tangible goods. If a country exports more goods than it imports, it has a trade surplus, and if it imports more than it exports, it has a trade deficit. Balance of trade is a part of the current account in the broader balance of payment statement. It reflects how competitive a country’s goods are internationally and how much demand there is for those _______ ______ __________ ________ __________ _______ ____ ___ __________.
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