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Imports continue to fall in Q4 with exception of food and drink

The value of goods imported to Bermuda fell again in the fourth quarter, by 3.6 percent to $216 million, according to the Government’s Balance of Payments statistics released yesterday.

This marks the 11th consecutive quarter imports have declined.

Imported goods from the Island’s largest trading partner the United States remained stable at $141 million during the quarter, while the value of imports from Canada increased by $6 million over the same period.

Imports of finished equipment and fuel recorded the largest declines, falling by $7 million each. Other spending decreases were recorded in the transport equipment and semi-manufactured goods categories which declined by $3 million and $2 million, respectively. In contrast, imports of food, beverages and tobacco grew by $8 million.

Revenue from exports remained unchanged at $3 million during the quarter.

The Bermuda current account recorded a surplus of $189 million in the fourth quarter of 2012. This represented an $89 million increase year-over-year. The deficit on the goods account decreased by $8 million to $213 million. Services transactions realised a surplus of $74 million in the fourth quarter of 2012.

And the surplus on Bermuda’s primary income account grew to $363 million in the last quarter of 2012.

The BOP release further noted transactions on Bermuda’s asset accounts resulted in a net lending position of $5 million. Factors influencing this performance include: Bermuda’s net acquisition of financial assets resulted in an accumulation of $344 million compared to a reduction of $83 million in 2011. And Bermuda increased its net incurrence of financial liabilities by $338 million this quarter compared to a decrease of $47 million in 2011.

The Services account surplus fell $9 million.

Receipts from services transactions stood at $322 million during the quarter. Among the services categories, revenue from business services transactions grew $6 million. This was due partly to a $7 million increase in insurance services related to inflows of reinsurance premiums and auxiliary insurance service revenue. In contrast, travel inflows fell $8 million on account of lower expenditure by cruise and air visitors. Revenue received from government services amounted to $13 million, equalling the previous year’s total.

At the end of the fourth quarter of 2012 the stock of foreign assets held by Bermuda residents registered above its stock of foreign liabilities by an estimated $1,980 million. This net IIP increased by $79 million over the third quarter of 2012.

Imports to Bermuda declined in the fourth quarter.

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Published April 24, 2013 at 9:00 am (Updated April 23, 2013 at 8:58 pm)

Imports continue to fall in Q4 with exception of food and drink

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