What is balance of trade?

Balance of trade is the largest component of a country's balance of payments (BOP). Sometimes the balance of trade between a country's goods and the balance of trade between its services are distinguished as two separate figures.

What is the difference between balance of Trade and balance of payments?

The balance of trade is the difference between a country's exports and imports of goods and services, while the balance of payments is a record of all international economic transactions made by a country's residents, including trade as well as financial capital and financial transfers.

What is balance of Trade (BOT)?

Balance of trade (BOT) is the difference between the value of a country's exports and the value of a country's imports for a given period. Balance of trade is the largest component of a country's balance of payments (BOP).