What is the difference between %TYPE and %ROWTYPE?

The %TYPE and %ROWTYPE constructs provide data independence, reduces maintenance costs, and allows programs to adapt as the database changes to meet new business needs.
%ROWTYPE is used to declare a record with the same types as found in the specified database table, view or cursor. Example:
DECLARE
v_EmpRecord emp%ROWTYPE;
%TYPE is used to declare a field with the same type as that of a specified table's column. Example:
DECLARE
v_EmpNo emp.empno%TYPE;