Balance of Payments in the United States

Balance of Payments (BOP) Accounting System in the International Business Landscape

Definition of Balance of Payments (bop) Accounting System in the context of U.S. international business and public trade policy: Accounting system that records commercial transactions between the residents of one country and residents of other countries.

Concept of Balance of Payments (BOP) in Foreign Trade

A definition of Balance of Payments (BOP) in relation with foreign trade is provided here: Goods on a Census basis are adjusted by the Bureau of Economic Analysis to goods on a BOP basis to bring the data in line with the concepts and definitions used to prepare the international and national accounts. Broadly, the adjustments include changes in ownership that occur without goods passing into or out of the customs territory of the United States. These adjustments are necessary to supplement coverage of the Census basis data, to eliminate duplication of transactions recorded elsewhere in the international accounts, and to value transactions according to a standard definition. (See more at Guide to Foreign Trade Statistics.)