Bermuda?s balance of payments recorded a surplus of $47 million in the first quarter of 2005, compared to a surplus of $23 million in the corresponding period in 2003.

The Bermuda Monetary Authority?s economic figures show that payments in the first quarter of 2005 increased by $6 million to $473 million compared to $467 million in the corresponding period of 2004. Of the payments, only two areas recorded year-on-year increases. Current transfers stood at $59 million during the first quarter of 2005, up from $58 million in the first quarter 2004 and payments for merchandise imports rose to $227 million from $223 million in the same period of 2004.

All other payments were constant year-on-year with shipping and transportation costs standing at $29 million, travel generating $35 million in payments, investment income paying out $17 million, professional management and technical services payments at $32 million, other goods, services and income recorded payments of $59 million

On the receipt side, the economy records an inflow of $30 million more than a year prior with a projected $520 million taken in during the period compared to $490 million during the first quarter of 2004.

Most notably, travel receipts increased by 18 percent with $45 million taken in compared to $38 million during the first quarter of 2004. Investment income increased 22 percent with $112 taken in compared to $92 million in the corresponding period of 2004. Professional management and technical services receipts rose almost two percent from $307 million to $301 million, year on year. Other goods services and income posted a $2 million increase, growing from $41 million to $43 million year on year.

Receipts for merchandise exports declined to $4 million in the first quarter of 2005 compared with $7 million during the first quarter of 2004. Shipping and other transportation also fell from $6 million in the first quarter of 2004 to $4 million in the first quarter of 2005. Transfers remained constant year-on-year at $5 million.

The BMA said capital and financial accounts, which comprise capital transfers, long-term investment and short term investment recorded an estimated net outflow of $69 million in the first quarter of 2005 resulting from net long term investment outflow of $94 million while net short term investment recorded a net inflow of $25 million which the BMA said was attributable to a decrease in the external holdings of authorised dealers.