The total number of imports to Bermuda increased by $2 million for the third quarter of 2009 compared to the same period the previous year, despite the economic downturn which has hit the Island’s trade hard over the past year.

That is according to the Department of Statistics’ Balance of Payments report for the quarter ended September 2009, which revealed that $268 million was spent on imported goods - the first year-on-year rise in five quarters.

The figures showed that payments for imported finished equipment and food registered the largest increases of 10 percent and nine percent respectively, accounting for almost half of the total, while imports of chemicals and fuel also rose by seven percent and six percent respectively.

In contrast, the value of imported machinery fell by 23 percent as demand waned given the slowdown on construction activity.

Meanwhile revenue from exports decreased marginally by $2 million versus export earnings in the third quarter, with the goods trade deficit widening to $262 million from $260 million in 2008.

The Bermuda current account recorded a surplus of $159 million in the third quarter, down from $542 million in the prior year, representing a $383 million decline year-over-year, while all major accounts experienced a deterioration in their balance compared to 2008, with the income account posting the biggest drop in surplus balance to $290 million from $655 million over the corresponding period.

Service payments also fell $4 million to $261 million during the third quarter of last year, fuelled by transportation outflows, which declined by $6 million, despite an increase in import-related freight payments, as spending on air transport services was cut back on.

Travel expenditure by residents also decreased by $3 million following a reduction in business-related travel, however estimates for personal travel expenditure remained the same as 2008.

Payments for business services rose by $6 million, driven by a greater outlay on insurance and ICT services.

Receipts from service transactions dropped three percent to $398 million, while travel inflows amounted to $130 million during the quarter, $11 million lower than the level recorded in 2008, with business and personal travel down as a result of a six percent decline in air arrivals.

Revenue from business services was $5 million lower than a year earlier, mainly down to a drop in accounting and consultancy services. Service transactions realised a surplus of $137 million for the third quarter of 2009, down $9 million year-over-year.