Amount Spent On Imported Goods Drops $22M

January 31, 2013

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]:

Category: All, Business, News

Comments (1)

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  1. Xman says:

    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.