Balance of payments surplus improves
Bermuda had a balance of payments surplus of $251 million in the third quarter of 2019, and increase of $17 million year-on-year.
The increase in the surplus was mostly due to a reduced deficit balance in the island's goods account, which was $264 million, down $14 million compared to the same period in 2018. The value of goods imported to the island fell, with an $8 million dip in imported goods from the Caribbean, and smaller declines in the value of goods from the US and Canada.
Among the commodity groups, the contraction in imports was reflected primarily in the imports of fuels, transport equipment and machinery which dropped by $6 million, $5 million and $4 million, respectively. In contrast, imports of finished equipment increased by $3 million.
Bermuda achieved $4 million of revenue from the export of goods during the third quarter. That figure was unchanged from the same period in 2018.
Among the key performance indicators in the balance of payments report were:
• Services transactions realised a surplus of $177 million in the third quarter.
• The surplus on Bermuda's primary income account fell to $388 million in the quarter.
• The net international investment position decreased by $258 million over the second quarter.
“Bermuda's stock of foreign assets at the end of the third quarter exceeded the stock of foreign liabilities by $2,424 million,” Wayne Furbert, Minister for the Cabinet Office, said.
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