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Trade surplus widens as imports slump

The value of imported goods fell 1.4 per cent to $217 million in the first quarter of the year.

The latest Government balance of payments statistics show that there was a $17 million drop in imports from the Island's largest trading partner, the US.

But that was offset by a $6 million increase in the amount of goods coming in from Canada and a $4 million rise from Caribbean.

The balance of payments report said: “Among the commodity groups, the decline was reflected primarily in the imports of fuel, which fell $10 million below the corresponding period of 2014.

“Imports of clothing, food and basic materials also contracted during the period.

“Revenues earned from the export of goods remained unchanged at $3 million during the quarter.”

The Bermuda current account recorded a surplus of $248 million for the first quarter, up $33 million compared to the same period last year.

The Government report said: “The increase in the current account surplus reflected mostly an improvement in the primary income surplus due to increases in employee compensation and lower payments of investment income.”

And the deficit on the goods account narrowed by $3 million to $214 million, while services transactions realised a surplus of $76 million in the first quarter of 2015.

Receipts from services transactions went up $2 million to $300 million over the period.

Travel services receipts went up $7 million and receipts from business services increased by $4 million — put down to bigger takes from the provision of insurance and telecommunications and computer and information systems.

But receipts from Government services and transportation services dropped by $4 million and $1 million respectively during the first quarter.

For the full Department of Statistics release, look under “Related Media” on this web page.

Fuel drop: The Island spent $10 million less on fuel from overseas during the first quarter as oil prices plunged

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Published August 11, 2015 at 1:26 pm (Updated August 11, 2015 at 1:26 pm)

Trade surplus widens as imports slump

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