Account surplus grows to $725m

The Bermuda current account surplus stood at $725 million for the first quarter in 2013. This was a $633 million increase from the $92 million surplus in the first quarter of 2012. 

The growth in the current account surplus mostly reflected changes in the primary income account, where the balance grew by $656 million due primarily to an increase in investment income received from non-residents.

The deficit on the goods account increased by $15 million to $230 million.

The value of goods imported grew 6.8 per cent to $233 million during the quarter. Imported goods from the Island’s largest trading partner the US 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 which advanced $3 million and $2 million, respectively. 

In contrast, imports of finished goods such as furniture, fittings and photographic equipment fell $4 million.