explain the difference between balance of trade and balance of payments?how can unfavorable balance of payments be improved?suggest measures to correct the unfavorable balance of payments?
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If a country experiences a deterioration in the balance of trade (value of imports increase faster than the value of exports) then it may impact upon the terms of trade. A deterioration in the balance of trade means a country is importing more than exporting. Therefore more currency will be leaving a country.
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