Bermuda's second quarter of 1996 balance of payments surplus on current account at $78 million, an $18-million improvement over the same period last year.

The Authority is quick to note, however, that these figures are provisional and, to a large extent, based on estimated and historical data.

The BMA noted that an estimate three months ago that the net short term capital for the first quarter of this year was $71 million has had to be revised by $60 million, down to $11 million.

The BMA noted that the discrepancy was "due to reporting revisions by a local institution''.

But as the revision has caused a high balancing item of some $60 million, research is to continue into the cause and effects of the revision.

The estimates reckon imports by value for the second quarter dropped a startling 11 percent, when compared with the same period in 1995.

Shipping and other transportation payments fell by $6 million, reflecting the decline in imports.

Expenditure from residents travelling abroad was $7 million higher. The shipping and other transportation account recorded a decrease of $3 million in receipts, resulting from lower fees earned by firms providing transportation services.

An increase in expenditure by the international business sector caused the professional, managerial and technical services category to rise by $6 million.

A fall in professional fees generated by firms conducting business with non-resident clients led to a $2 million reduction in the other goods and services income.

An outflow of $17 million was recorded in the net long term capital category, an increase of $11 million over last year.