Balance Of Payments, International Investment
The Bermuda current account recorded a surplus of $198 million in the fourth quarter of 2017, according to the most recent Balance of Payments and International Investment Position report.
“The current account surplus stood at $198 million for the fourth quarter of 2017. This represented a $75 million decrease from the $273 million surplus in the fourth quarter of 2016,” the report said.
“The decline in the current account surplus reflected mostly a lower surplus balance on the primary income account as a result of net investment income.
“ Year-over-year, the value of imported goods fell to $239 million. This was reflected in a $14 million decrease in imported goods from the United States and a $7 million decline in goods imported from Canada.
“Among the commodity groups, the imports of fuel fell $9 million, finished equipment by $6 million and machinery by $3 million. In contrast, imports of food, beverages and tobacco increased by $4 million. Revenue earned from the exports of goods [including re-exported fuel sold to visiting aircrafts] remained unchanged at $5 million.
“Receipts from services transactions stood at $328 million during the quarter, a $9 million increase year-over-year. Exports of travel services rose $12 million due to an increase in both air and cruise visitor arrivals, and higher per-person visitor expenditure.
“Revenue from transportation services edged up $1 million. In contrast, government services fell $3 million and receipts from business services dipped $1 million.”
The full report is below [PDF here]:
