Distinguish between Balance Payment and Balance of Trade.

Balance of Payments (BoP) is an accounting statement that provides a systematic record of all the economic transactions between residents of a country and rest of the world over a given period of time. It includes transactions in goods, services and assets.Whereas,Balance of Trade (BOT) is the difference between the value of exports and value of imports of goods of a country over a given period of time. It includes transactions in goods only.