Value Of Imported Goods Fell 1.4% To $217M
The value of imported goods fell 1.4% to $217 million, with imports from the USA decreasing $17 million while imports of goods from all other regions increased, including $6 million and $4 million increases in imports from Canada and the Caribbean.
This is according to the 1st quarter 2015 Balance of Payments and International Investment Position, which said, “Year-over-year, the value of imported goods fell 1.4 per cent to $217 million.
“This decline was a result of a $17 million decrease in imported goods from Bermuda’s largest trading partner the United States.
“Imports of goods from all other regions increased, including $6 million and $4 million increases in imports from Canada and the Caribbean region.
“Among the commodity groups, the decline was reflected primarily in the imports of fuel which fell $10 million below the corresponding period of 2014. Imports of clothing, food, and basic materials also contracted during the period.
“Revenue earned from the exports of goods remained unchanged at $3 million during the quarter.”
The report also noted that the Bermuda current account recorded a surplus of $248 million in the first quarter of 2015, which represented a $33 million increase year-over-year.
“The current account surplus stood at $248 million for the first quarter in 2015,” the report said. “This represented a $33 million increase from the $215 million surplus in the first quarter of 2014.
“The increase in the current account surplus reflected mostly and improvement in the primary income surplus due to increases in employee compensation and lower payments of investment income.”
The full Balance Of Payments & International Investment Position follows below [PDF here]:
Irony.
Less mouths to feed and beds to make.