Distinguish between balance of trade and balance on current account?
|Basis of Difference||Balance of Trade||Balance on Current Account|
|1. Meaning||Record of visible transactions||Record of the visible as well as invisible and unilateral transactions|
|2. Components||Balance of exports and imports of all physical goods||Balance of visible trade, invisible trade and unilateral transfers|
|3. Nature of transactions||Records the transactions relating to physical goods||Records the transactions relating to goods, services and unilateral transactions|
Concept: Balance of Trade
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