MEANING OF BALANCE OF PAYMENTS

Balance of Payments (BOP)
The balance of payments (or BOP) measures the payments that flow between any individual country and all other countries. It is used to summarize all international economic transactions for that country during a specific time period, usually a year.
The BOP is determined by the country's exports and imports of goods, services, and financial capital, as well as financial transfers. It reflects all payments and liabilities to foreigners (debits) and all payments and obligations received from foreigners (credits).
http://en.wikipedia.org/wiki/Balance_of_payments
Key Determinants of Trade Performance in an Economy:
the rate of investment
increase in the size of the workforce
changes in economic policies

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