Bermuda's exports outstripped imports by $345 million as the tourism season started up according to the latest figures released by Government.

This was an increase of $21 million or 6.5 percent from the second quarter of last year. When adjusted to reflect an annual estimate, the surplus represented 14.5 percent of the Gross Domestic Product for the quarter as international trade had a big impact on the local economy with money from exports to and income from the international sector used to finance the importation of goods.

Other highlights in the Department of Statistics findings included a $6 million decrease in goods trade deficit to $254 million from $260 million in 2006, with the services sector surplus rising $18 million to $213 million from the corresponding quarter last year.

Elsewhere travel services receipts advanced $5 million this quarter as visitor numbers improved over the last year.

The statistics also revealed residents imported $6 million fewer goods again in the second quarter of 2007, with retail sales, in contrast increasing as retailers sold off their current stock before importing new lines.

Payments for services, meanwhile rose to $260 million, as resident insurers reported an increase in reinsurance payments resulting from predictions of a busy hurricane season, and income receipts climbed 7.1 percent to $501 million this quarter.