Balance of payments surplus up in first quarter – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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Balance of payments surplus up in first quarter

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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.

Rise recorded: Bermuda's balance of payments for the first three months of the year improved by $7 million compared to the same period last year (Graph by Department of Statistics)

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Published August 23, 2020 at 8:08 pm (Updated August 24, 2020 at 2:08 am)

Balance of payments surplus up in first quarter

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