Amount Spent On Imported Goods Drops $22M
A total of $220 million was spent on imported goods in the third quarter of 2012, which was a $22 million decline and marked the tenth consecutive quarter of reduced payments for imported goods.
These statistics were revealed in the Balance of Payments & International Investment Position 3rd Quarter 2012 Report, which was released yesterday [Jan 30] by the Department of Statistics.
The report also indicated that payments for services totalled $247 million in the third quarter, $4 million below the level recorded in 2011. Outlays on transport services decreased $6 million, which was attributed to lower payments for import-related freight services.
“In contrast, payments for non-resident business services grew by $3 million during the same period. Within this category, insurance services increased by $8 million due to increased expenditure on reinsurance services, while the financial and other services categories decreased by a combined $5 million,” the report stated.
The full report is below [PDF here]:
This easy to figure out!
[1] there are less people in Bermuda
[2] Bad economy means less spending
[3] business’s have cut back on purchase ordering
[4] unemployment
70 % of Bermudians are now living in the penny pinching mode.