Island’s current account surplus up 21.9%
Bermuda's current account surplus in the fourth quarter of last year was $233 million, up $42 million, or 21.9 per cent, on the same period in 2017.
However, the deficit on the goods account, which makes up part of the overall total, increased $41 million to $276 million.
There was a $116 million surplus in services transactions, while the surplus on the island's primary income account grew to $430 million in the fourth quarter.
A balance of payments and international investment position bulletin, issued by the Department of Statistics, noted: “The rise in the current account surplus reflected mostly a higher surplus balance on the services account and the primary income account, which offset a widening deficit balance on the goods account.”
Year-over-year, the value of imported goods increased to $280 million, up 17.1 per cent.
This was reflected in a $39 million rise in imported goods from the United States, Bermuda's largest trading partner.
Imports from the United Kingdom grew $2 million, while imported goods from Canada and the Caribbean declined by $3 million and $2 million, respectively.
Imports of fuel grew by $26 million, while imports of machinery and finished equipment increased by $5 million and $4 million respectively. Imports of food, beverages and tobacco rose $1 million.
Revenue from exports during the quarter remained unchanged at $4 million.
Bermuda's net international investment position decreased to $2,571 million, a drop of $510 million compared to the third quarter of 2018.
The IIP is a record of Bermuda residents' investments abroad and non-residents' investment in Bermuda, including government, financial and non-financial corporations.