Balance Of Payments & International Investment
The Bermuda current account recorded a surplus of $224 million in the third quarter of 2015, according to the most recent Balance of Payments and International Investment Position report.
“The current account surplus stood at $224 million for the third quarter of 2015. This represented a $62 million increase from the $162 million surplus in the corresponding quarter of 2014,” the report said.
“The increase in the current account surplus reflected a combination of factors including a $32 million improvement in the goods account deficit, a $17 million increase in the primary income account surplus as well as a $10 million increase in the surplus on trade in services. A smaller deficit balance was also recorded on the secondary income account.”
“Year-over-year, the value of imported goods fell 12.5 per cent to $223 million. This decline was a result of a 22.8 per cent drop in imports from Canada and a 16.8 per cent decline in imports from Bermuda’s largest trading partner the United States. In contrast, the value of imports increased from the UK, Caribbean and all other countries.
“Among the commodity groups, the decline was reflected primarily in the imports of fuel which dropped $38 million below the third quarter of 2015. Imports of food also contracted $3 million mostly due to fewer imports of meat and fish. Revenue earned from the exports of goods decreased $1 million to $5 million during the quarter.”
“Receipts from services transactions stood at $377 million during the quarter, up $9 million year-over year.This increase reflected a $17 million gain in receipts from insurance services due mostly to a rise in reinsurance premiums collected.
“Fees and commissions related to financial services also increased $5 million. In contrast, other business services declined $12 million due to fewer receipts for accounting and auditing services.”
The full report is below [PDF here]
