Question

differente between valve of trade and payments​

Answer 1

Balance of payments is the overall record of all economic transactions of a country with the rest of the world. Balance of trade is the difference in the value of exports and imports of only visible items. Balance of trade includes imports and exports of goods alone i.e., visible items.

Answer 2

Balance of trade is the difference between exports of goods and imports of goods. Balance of payments is the difference between inflow of foreign exchange and outflow of foreign exchange. The net effect of balance of trade is either positive, negative or zero. The net effect of balance of payments is always zero.