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Island’s current account surplus at $145m

Bermuda's current account recorded a surplus of $145 million in the second quarter of the year.

This was down $9 million year-over-year. The decline mostly reflected a widening of the deficit on merchandise trade due to an increase in the value of imported goods.

However, the decline was offset partly by a rise in the primary income surplus due to an increase in net investment income, according to a release by the Bermuda Government's Department of Statistics.

Key points in the latest figures included a $97 million increase in the deficit on the goods account, which stood at $352 million. Goods imported from the US increased by $50 million, while goods from the Caribbean region and the UK were up $14 million and $12 million, respectively.

Revenue earned from exported goods fell $1 million to $4 million during the quarter.

There was a $105 million surplus in services transactions, which was an increase of $19 million.

Receipts from travel services rose $27 million due to an increase in visitor arrivals and higher per-person visitor expenditure.

In contrast, receipts from business services decreased $3 million due to a fall in reinsurance claims recovered.

And receipts from government services decreased from $2 million to $1 million, while receipts from the provision of transportation services remained unchanged at $9 million.

The surplus on Bermuda's primary income account increased to $432 million.

Payments for services received from non-residents totalled $272 million in the second quarter, $5 million above the level recorded in 2016. This reflected an $8 million increase in payments for transportation services related to freight imports. Payments for travel services also rose by $1 million. In contrast, insurance services fell by $4 million owing to a decrease in reinsurance premiums paid.

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Published November 29, 2017 at 5:23 pm (Updated November 29, 2017 at 11:51 pm)

Island’s current account surplus at $145m

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