Commerce · Ch 28 — Balance of Trade and Balance of Payments
Balance of Payments — Meaning and Definition
Balance of Payments — Meaning and Definition
The Balance of Payments (BOP) is a systematic, statistical record of all economic transactions — of goods, services, income and capital — between the residents of one country and the residents of the rest of the world, during a given period of time, usually one year.
According to the International Monetary Fund (IMF), the Balance of Payments is "a statistical statement that summarises transactions between residents and non-residents during a period." …
A systematic record of all economic transactions between the residents of a country and the residents of the rest of the world during a give …
Trade in tangible, physical goods that can be seen and recorded at a customs point, e.g. export of textiles, …
Trade in intangible items that cannot be physically seen at a customs point — services (shipping, insurance, tourism, IT services), investment income, and unilateral t …