Question

Distinguish between balance of trade and balance of payments

Answer 1

hey mate...

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.

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Answer 2

Answer:

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.