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Meaning and types of balance of trade

Answer Text:
Balance of Trade
- Difference in value of countries visible exports and imports.
- It is of 2 types:
1. Adverse Balance of Payments - In which value of visible imports exceeds that of visible exports.
2. Favourable Balance of Trade - In which value of visible exports exceeds that of visible imports.
Balance of Payment
- Difference in value between visible and invisible exports and imports.