Explain the difference between balance of trade and balance of payments. (At least 2-3 sentences plz..)

1 answer:

7 0

The balance of trade is the difference between exports of goods and imports of goods. The balance of payments is the difference between the inflow of foreign exchange and the outflow of foreign exchange. The net effect of balance of trade is either positive, negative or zero. Hope this helps I think this is correct:)

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