Imports slump by 9.3 percent
Goods imports into Bermuda slumped by more than nine percent last year in a sign of slower spending in the domestic economy.Balance of payments figures released by Government today showed that goods imports totalled $966 million in 2010, representing a 9.3 percent fall compared to the $1.06 billion of imports recorded in 2009.The fall comes after a similarly sharp decline in 2009, which means that the annual value of goods imported has fallen by $194 million, or 16.7 percent, since 2008.The numbers reflect a trend of consumers tightening their purse strings. Retail Sales Index releases show that sales volume has shown year-on-year declines for 34 consecutive months.The balance of payments figures, which represent the transactions of Bermuda with the rest of the world, showed a surplus of $818 million for the year - up $270 million from 2009. The rise is the result of higher receipts and lower payments.The current account surplus for the fourth quarter of 2010 was $234 million, up $69 million from the same period a year earlier. This was helped by receipts from services transactions climbing two percent to $324 million, and a 14 percent decline in the value of goods imported during the October through December period.
