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Imports slump by 9.3 percent

The amount of goods imported into Bermuda fell by more than nine percent last year.

Goods imports into Bermuda slumped by more than nine percent last year in a sign of slower spending in the domestic economy.Balance of payments figures released by Government today showed that goods imports totalled $966 million in 2010, representing a 9.3 percent fall compared to the $1.06 billion of imports recorded in 2009.The fall comes after a similarly sharp decline in 2009, which means that the annual value of goods imported has fallen by $194 million, or 16.7 percent, since 2008.The numbers reflect a trend of consumers tightening their purse strings. Retail Sales Index releases show that sales volume has shown year-on-year declines for 34 consecutive months.The balance of payments figures, which represent the transactions of Bermuda with the rest of the world, showed a surplus of $818 million for the year - up $270 million from 2009. The rise is the result of higher receipts and lower payments.The current account surplus for the fourth quarter of 2010 was $234 million, up $69 million from the same period a year earlier. This was helped by receipts from services transactions climbing two percent to $324 million, and a 14 percent decline in the value of goods imported during the October through December period.