Balance of payments surplus up in first quarter
Bermuda's balance of payments current account surplus was $220 million in the first three months of the year, up $7 million from the same period in 2019.
This is a measure of Bermuda's trade with the rest of the world.
Also for the quarter, the goods account deficit widened $12 million to $263 million, due to a rise in the value of imported goods.
Imports of food, beverages and tobacco, finished equipment and machinery recorded the largest increases. These commodity groups combined for a $20 million increase in imports, which was offset partially by a decrease in machinery imports of $13 million.
Bermuda's revenue from exports of goods was unchanged at $4 million for the first three months of the year, and there was a $67 million surplus in the service account, up $6 million year-on-year.
Travel services recorded a $21 million deficit, which reflected lower spending by visitors and fewer tourists because of the temporary closure order for the LF Wade International Airport in March, due to the Covid-19 pandemic. For the same quarter in 2019 there was a $3 million deficit.
The surplus on Bermuda's primary income account rose almost $30 million to $471 million.
Bermuda's net incurrence of financial liabilities was $718 million in the first quarter.
The Balance of Payments figures were released by the Department of Statistics.
Bermuda's net international investment position decreased in the quarter to $3,262 million, down $65 million on the fourth quarter. The IIP is a record of Bermuda residents' investments abroad and non-residents' investment in Bermuda.