The Bermuda current account surplus increased by more than half a billion dollars year-over-year, recording a surplus of $725 million in the first quarter of 2013.The figure, which represents the difference between receipts and payments in transactions with overseas entities represents a $633 million increase year-over-year.The Department of Statistics’ ‘Balance of Payments and International Investment Position’ report said the surplus on Bermuda’s primary income account grew to almost a billion dollars — $922 million in the first quarter of 2013.Services transactions’ surplus was $70 million in the first quarter of 2013, while the deficit on the goods account increased by $15 million to $230 million.Bermuda also decreased its net incurrence of financial liabilities by $799 million this quarter, compared to a decrease of $818 million in 2012.The value of goods imported grew 6.8 percent to $233 million during the quarter. Imported goods from the United States increased $27 million, while the value of imports from Canada increased $5 million over the same period.Imports of fuel recorded the largest increase of $14 million. Moderate increases were recorded in the food and machinery categories at $3 million and $2 million, respectively. In contrast, imports of finished goods such as furniture and photographic equipment fell $4 million.Revenue earned from the exports of goods remained unchanged at $3 million during the quarter.Payments by residents for travel (including overseas training and conferences) totalled $61 million. In contrast, transportation outflows increased $1 million and mostly reflected freight payments for imported goods.The services account surplus fell $8 million, with receipts from services transactions standing at $296 million during the quarter. Among the services categories, revenue from business services transactions fell $12 million. This was due partly to a $5 million decrease in financial services related to less fees and commissions collected on transactions with non-residents.In contrast, revenue received from government services increased $1 million while travel services remained unchanged at $46 million.Payments for services from non-residents totalled $226 million in the first quarter, $5 million below the level recorded in 2012. The report explained this outcome reflected a $4 million decrease in insurance services, specifically reinsurance premiums paid by resident firms to non-resident entities.The primary income account, the balances on compensation earned or paid to non-residents, and income from investments and payroll tax paid by non-resident companies to the government, grew $656 million. The surplus on the primary income account increased to $922 million from $266 million in 2012. Income receipts advanced $564 million, reflecting mostly dividend earnings on direct investment.Employee compensation increased $13 million, while income payments to non-residents fell by $93 million to $72 million. This decrease was due to a sharp decline in direct investment income paid overseas on equity and investment fund shares.Secondary income recorded a $38 million deficit. The report explained that the secondary income account reflects the balances on donations, insurance claims and other transfers between residents and non-residents. The deficit on the secondary income account increased $2 million from a year ago.Transactions on Bermuda’s asset accounts resulted in a net lending position of $762 million. Factors influencing this performance include Bermuda’s net acquisition of financial assets which resulted in a reduction of $37 million compared to a reduction of $604 million in 2012.