Balance of payments
Balance of payments: BOP. A statistical summary of a country’s total trade, other economic transactions and financial flows at a given time. The BOP is made up of current account (current transactions), capital account (capital transactions) and a balancing item to even out difficulties in recording international transactions. The current and capital account components of the BOP may each either be in surplus or deficit, but the BOP itself must always be in balance. The current account is the component of the BOP showing trade in goods and services, income and unrequited transfers (e.g. foreign aid payments, workers remittances, etc.) over a specified period. The capital account records currency inflows and outflows due to international dealings in financial assets, such as investments and loans.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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