Balance of Trade
Balance of Trade is the difference between a country"s total exports and total imports. It includes just things. If a country exports more than it imports, it has a trade surplus. If it imports more than it exports, it has a treade deficit and its trade position is unfavorable.
Balance of Payment
The balance of payments includes the difference between the amount of monety that comes in a country and the amount of money that goes out. A positive or favorable balance of payments occurs when a nation receives more money in a year than it pays out.