Island’s balance of payments surplus narrows

Make text smaller Make text larger

  • Demand fall: the value of imported goods dipped during the fourth quarter of last year

    Demand fall: the value of imported goods dipped during the fourth quarter of last year


Bermuda recorded a $198 million surplus in its economic transactions with the rest of the world in the fourth quarter of last year.

The surplus narrowed by $75 million from the corresponding quarter in 2016, mostly as a result of a lower surplus balance on the primary account which reflects net investment income.

Goods imports during the fourth quarter fell $13 million to $239 million. The value of imports from the US fell $14 million and those from Canada fell $7 million.

The value of fuel imports fell $9 million, finished equipment by $6 million and machinery by $3 million.

Revenue earned from goods exports — including re-exported fuel sold to visiting aircraft — remained unchanged at $5 million.

Receipts from service transactions increased $9 million to $328 million during the quarter. Travel services exports grew $12 million as a result of greater air and cruise ship arrivals and higher visitor spending.

Tourism boosts the island’s balance of payments position, since every dollar spent by a tourist in Bermuda earns the economy $1 in foreign currency, which can be used to purchase goods and services from overseas.

Payments for services from the rest of the world totalled $241 million through the quarter, up $8 million from 2016, mostly as a result of an $11 million increase in payments for business services.

You must be registered or signed-in to post comment or to vote.

Published May 3, 2018 at 1:29 pm (Updated May 3, 2018 at 1:29 pm)

Island’s balance of payments surplus narrows

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    • "Who do you think will win the World Cup?"
    • Argentina
    • 5%
    • Belgium
    • 12%
    • Brazil
    • 20%
    • England
    • 16%
    • France
    • 6%
    • Germany
    • 9%
    • Portugal
    • 25%
    • Spain
    • 8%
    • Total Votes: 4375
    • Poll Archive

    Today's Obituaries