Imports rose 2.8 percent in the second quarter of 2005 with all sectors but two recording increases year-on-year.

According to the Quarterly Bulletin of Statistics, the Island?s supply of merchandise was valued at $242.6 million in the second quarter of 2005 compared to $236.1 million in the same period of 2004.

Increases in imports of food, beverages and tobacco, clothing, basic materials, machinery, finished and transport equipment in the second quarter of 2005 were offset by declines in the imports of fuel and chemicals.

Fuel imports declined almost 31 percent from $21.2 million in the 2004 quarter to $14.6 million during the 2005 quarter.

Machinery imports saw an 18 percent year-on-year increase, from $39 million in the second quarter of 2004 to $43.6 million in the second quarter of 2005.

Basic materials imports increased 5.2 percent from $37.6 million in the 2004 quarter to $39.6 million in the second quarter of 2005.

In contrast, the Quarterly Bulletin of Statistics shows that the value of chemicals imported decreased 11.1 percent from $26.7 million in the second quarter of 2004 to $23.8 million a year later. The value of clothing imported to the Island during the 2005 quarter rose 9.6 percent year-on-year to $11.9 million. The value of imports from the US in the second quarter of 2005 was $192.6 million, a 0.2 percent decline from $192.9 million in the same period of 2004.

US imports still far exceeded all other imports to Bermuda although the value of imports from the UK increased 83.8 percent to $7.9 million. The value of imports from the Caribbean and Canada declined 56 percent and 3 percent respectively to $4 million and $9 million respectively in the 2005 quarter.

Only 50 new local businesses registered in Bermuda during the second quarter of 2005, an 18 percent decline compared with the 56 that registered in the same period of 2004. The total number of new local businesses however stood at 3,072 at the end of the 2005 quarter compared with just 2,958 at the close of the 2004 second quarter.

There were 12,768 exempted businesses registered at the close of the second quarter of 2005. Just 233 of those however registered as new businesses during the quarter, a 6.8 percent decline from the same period of 2004 when 250 exempted businesses registered in Bermuda. The number of exempted partnerships however increased year on year with 31 registering in the 2005 second quarter compared to just 12 in the same period of 2004. The number of exempted partnerships stood at 612 at the close of the second quarter of 2005.

The construction industry rebounded after the first quarter of 2005 when just $900,000 worth of projects were started. The second quarter saw $50 million worth of new projects started and while that number is nowhere near as high as the $111.4 million worth of projects started in the third quarter of 2004, it is 23 percent higher than the $40.7 million worth of projects started in the second quarter of 2004. The private sector continued to lead the boom with $50 million worth or work put in place during the 2005 quarter compared to $40 million in the same period 2004. There was $17 million worth of work put in place for the public sector, an 83 percent increase over the 2004 quarter when estimates were just $9 million.

Hotels and guest houses saw a 185 percent increase with $7.4 million of work put in place compared to just $2.6 million in the second quarter of 2004. There was a 130 percent increase in work put into schools, hospitals and community centres during the period. The second quarter of 2005 saw $20 million worth of work in this area compared with just $8.7 million in 2004?s second quarter.