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Overseas spending soars 6.7 percent

Bermudians are continuing to spend their dollars overseas, latest figures show.Some $4.14 million worth of goods were declared last August at Bermuda Customs - a 6.7 percent increase compared to the August 2001 figure of $3.8 million.This emerged yesterday as Government released the Bermuda retail sales index for August 2002.

Bermudians are continuing to spend their dollars overseas, latest figures show.

Some $4.14 million worth of goods were declared last August at Bermuda Customs - a 6.7 percent increase compared to the August 2001 figure of $3.8 million.

This emerged yesterday as Government released the Bermuda retail sales index for August 2002.

With 25 shopping days in August, the monthly index for the total value of retail sales fell 1.6 percent. All retail sectors reported increased revenue over last year with the exception of motor vehicle dealers, who saw an overall 21.9 percent decline in sales and apparel stores.

August retail sales did not reflect any pre-Cup Match spending, which fell entirely in the month of July as opposed to both July and August 2001.

Other highlights of the report included:

Gas sales rose by 8.3 percent compared to last year's levels.

Spending on hardware and building materials increased five percent. This growth reflected sustained building activity occurring in the construction industry.

Liquor store receipts increased 2.5 percent.

Receipts from food stores increased by 2.5 percent.

Sales for personal care products increased by 2.0 percent and electronics and appliances sales rose by 1.2 percent.

Gross revenue flows in the all other store type sector increased 3.0 percent during the month.

Gross sale receipts for apparel stores decreased 3.4 percent. The majority of retail outlets reported higher sales levels, but these were offset by the decline in sales from the remaining stores.