A few days ago

Difference between BOT & BOP?

This has been confusing me for a really long time, the books I’ve read don’t seem to answer my question. What is the difference between Balance of Payments and Balance of Trade?

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A few days ago

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Balance of payments:

A systematic record of a nation’s total payments to foreign countries, including the price of imports and the outflow of capital and gold, along with the total receipts from abroad, including the price of exports and the inflow of capital and gold.

Balance of trade

The difference in value between the total exports and total imports of a nation during a specific period of time.

I hope this helps.