| Balance of Trade | Balance of Payments |
| (i) It refers to the difference between the value of exports and imports of only visible items, during a particular period of time. | (i) It refers to difference between the value of exports and imports of both visible and invisible items, during a particular of time. |
| (ii) It is a narrow concept. | (ii) It is a broader concept. |
| (iii) It may not show the international economic position of an economy. | (iii) It shows the international economic position of the country. |
| (iv) It gives partial picture of international transactions. | (iv) It gives a complete picture of international transactions. |
