Petrol Import

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Conceptual framework

The balance of payments of a country is a systematic record of all transactions between the residents of a country and the rest of the world carried out in a specific period of time. The balance of payments (BOP) is an accounting of a country's international transactions for a particular time period. Any transaction that causes money to flow into a country is a credit to its BOP account, and any transaction that causes money to flow out is a debit.
The BOP includes the current account, which mainly measures the flows of goods and services; the capital account, which consists of capital transfers and the acquisition and disposal of non-produced, non-financial assets; and the financial account, which records investment flows. Every international transaction results in a credit and a debit. Transactions that cause money to flow into a country are credits, and transactions that cause money to leave a country are debits. For instance, if someone in India buys a South Korean stereo, the purchase is a debit to the Indian account and a credit to the South Korean account. If a Brazilian company sends an interest payment on a loan to a bank in the India, the transaction represents a debit to the Brazilian BOP account and a credit to the India’s BOP account.

The balance of payment compromises of the Current Account, the Capital Account and the OFFICIAL RESERVE ACCOUNT. The balance of trade is the difference between the monetary value of exports and imports of output in an economy over a certain period. It is the relationship between a nation's imports and exports.

A positive balance is known as a trade surplus if it consists of exporting more than is imported; a negative balance is referred to as a trade deficit or, informally, a trade gap. The balance of trade is sometimes divided into a goods and a services balance. The Balance of Trade is identical…...

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