Difference between Balance of trade and Balance of payment:
| Basis of Difference | Balance of trade | Balance of payment |
| 1. Definition | It is the difference between the total volume of export and import of visible items of a country with the rest of the world. | It is the systematic record of receipts and payments of a country with the rest of the world. |
| 2. Inclusion of goods | It includes only visible goods. | It includes both visible and invisible goods and services. |
| 3. Economic performance | It does not show the entire economic performance of a country. | It shows the entire economic performance of a country. |
| 4. Concept | It is a narrow concept. | It is a broad concept. |
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