Difference between Balance of trade and Balance of payment

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.