Account surplus up $14 million

MONDAY, OCTOBER 22: Bermuda’s current account surplus was $276 million during the second quarter of 2012.

This was a $14 million increase compared to the second quarter of 2011.

This was according to the Balance of Payments statement released by the Department of Statistics on Monday.

The growth in the current account surplus was attributed to a combined net effect reflecting a decline in payments for goods and services coupled with an increase in current account receipts.

The total vale of goods imported to Bermuda decreased by $13 million to $218 million. This marked the ninth consecutive quarter of declining imports.

Revenue for exports declined by 33 per cent from $3 million to $2 million from 2011 to 2012.

Receipts from services transactions totaled $372 million, which was $21 million below the second quarter from 2011.

Residents increased its international investment position in the second quarter by $115 million over the first quarter of 2012.

The stock of foreign assets held by Bermuda residents registered above its stock of foreign liabilities by an estimated $1,352 million. Bermuda residents reduced their stock of foreign liabilities by $803 million to push it down to $11.231 billion.

The general Government’s debt stood at $1.225 billion while non-financial corporations owed $912 million.

Financial corporations held a net asset position of $3.468 billion on the strength of portfolio investment holdings such as bonds, notes and money market instruments.