Log In

Reset Password

Bermuda’s trade surplus narrows

Bermuda's current-account surplus narrowed in the first quarter mainly due to a slump in investment income.

The island recorded a surplus of $121 million in the January-through-March period, down by $99 million from the same period last year.

The investment income recorded by residents and companies based in Bermuda fell by $66 million and was the main reason for the shrinkage of the surplus.

Services transactions realised a $33 million surplus, while the deficit of the goods account widened by $6 million to $219 million.

In its commentary on the Balance of Payments figures, the Department of Statistics said increased payments and lower receipts relating to business services contributed to the fall in the current-account surplus.

Year over year, the value of imported goods rose 2.8 per cent to $223 million. This increase was due mostly to a $12 million increase in imported goods from Bermuda's largest trading partner, the US.

In contrast, imports from Canada fell by $6 million while imports of goods from the Caribbean region fell by $3 million. Among the commodity groups, the increase was reflected primarily in the imports of basic materials, and food, beverages and tobacco, which rose $5 million and $4 million, respectively. In contrast, imports of finished equipment contracted by $5 million during the period.

Import increase: there was an increase in the value of goods being brought into Bermuda in the first quarter of this year

You must be Registered or to post comment or to vote.

Published August 09, 2016 at 4:52 pm (Updated August 09, 2016 at 4:52 pm)

Bermuda’s trade surplus narrows

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon