Bermuda has recorded another quarter of declining imports, reflecting the continued shrinking of the local economy.According to the Government’s Balance of Payments statistics released yesterday, a total of $220 million was spent on imported goods in the third quarter of 2012, representing a $22 million decline from the same period last year.This marks the tenth consecutive quarter of reduced payments for imported goods.In addition, revenue from exports abated $1 million when compared to the same quarter of the previous year. As a result the goods account deficit narrowed to $218 million, a reduction of $20 million during the quarter.Bermuda’s current account surplus grew to $228 million in the third quarter, an $85 million increase year over year. The increase is due to the combined effect of an increase in current account receipts and a decline in payments.The third quarter saw an $8 million increase in total receipts (payments made to Bermuda) primarily reflecting a jump in insurance service transactions (increase of $9 million) and investment income (increase of $14 million). This number was partially offset by a decrease in transportation services and financial services.Payments on the current account (payments to the rest of the world) fell by $75 million to $593 million during the third quarter. The decrease in investment income, which fell from $105 million to $49 million, was the main contributor to the overall decline.Government’s net debt with foreign entities stood at $1.49 billion, up from $1.2 billion in the second quarter of 2012. Non-financial Bermuda corporations owed the rest of the world $921 million. Conversely, financial corporations have a positive net investment position of $4.3 billion.