Balance Of Payments & International Investment

August 14, 2016

The Bermuda current account recorded a surplus of $121 million in the first quarter of 2016, according to the most recent Balance of Payments and International Investment Position report.

“The current account surplus stood at $121 million for the first quarter of 2016. This represented a $99 million decrease from the $220 million surplus in the first quarter of 2015,” the report said.

CURRENT ACCOUNT

“The decrease in the current account surplus reflected mostly a fall in the primary income surplus due to a deficit on the investment income account. In addition, increased payments and lower receipts relating to business services contributed to the fall in the current account surplus.

“Year-over-year, the value of imported goods rose 2.8 per cent to $223 million. This increase was due mostly to a $12 million increase in imported goods from Bermuda’s largest trading partner the United States. In contrast, imports from Canada fell by $6 million while imports of goods from the Caribbean region fell by $3 million.

CURRENT ACCOUNT

“Among the commodity groups, the increase was reflected primarily in the imports of basic materials, and food, beverages and tobacco, which rose $5 million and $4 million, respectively. In contrast, imports of finished equipment contracted by $5 million during the period. Revenue earned from the exports of goods fell by $2 million during the quarter.

“Receipts from services transactions stood at $277 million during the quarter. Among the services categories, receipts from business services decreased by $10 million, mostly related to a decline of $5 million for financial services.

“In addition, receipts from travel services and the provision of government services both declined by $2 million during the period.”

The full report is below [PDF here]:

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