imports during 1992 than they did in 1991, according to new figures released by the Bermuda Monetary Authority.

The amount spent on imports during 1992 was $487 million -- a nine percent increase on 1991 and possible evidence that the economic downturn has not led to the shortage of spending money that many people believed.

The BMA reported that Bermuda had a provisional balance of payments current account surplus of $11 million for 1992 -- a modest $3 million improvement on 1991.

An increase of 6.6 percent ($67 million) to $1.087 billion in the amount of foreign currency leaving Bermuda was more than offset by a growth in receipts of 6.8 percent ($70 million) to $1.098 billion.

The amount of foreign currency spent by Bermuda's visitors who arrived by air fell by 2.8 percent ($12 million) to $410 million -- the lowest total since 1986.

By contrast, cruise passengers actually increased their expenditure by 3.1 percent ($1 million) to $33 million.

Total income from the travel industry was by far the biggest revenue earner for the Island, bringing in $444 million -- down by 2.2 percent ($10 million) on 1991.

One of the more remarkable statistics on the receipts side was the 43.1 percent ($25 million) increase in the amount of foreign currency earned from exports.

The second highest percentage increase in receipts came from invest ment income, which went up by 21.3 percent ($13 million) to $74 million.

Professional, management and technical services was the second largest overall revenue earner, earning $371 million, up by 9.4 percent ($32 million).

Income from shipping and transportation fell by ten percent ($3 million) to $27 million, `other goods, services and income' went up by 15.8 percent ($12 million) to $88 million, and unrequited transfers to the Island increased by ten percent ($1 million) to $11 million).

After imports, the biggest drain on Bermuda's foreign currency reserves was `other goods, services and income', which accounted for $192 million, an increase of one percent ($2 million).

The amount of money spent on travel by Bermuda residents went up by 6.4 percent ($8 million) to $134 million.

Unrequited transfers out of the country went up by 24.7 percent ($18 million) to $91 million, shipping and other transportation expenditure dropped by 2.3 percent ($2 million) to $87 million, investment income leaving Bermuda remained at $59 million, and professional, management and technical service expenditure went up by 2.8 percent ($1 million) to $37 million.

The net balance in each area for which balance of payments statistics figures are compiled reads as follows: imports/exports -- $404 million deficit; shipping and other transportation -- $60 million deficit; travel -- $310 million surplus; investment income -- $15 million surplus; professional, management and technical services -- $334 million sur plus; other goods, services and income -- $104 million deficit; and unrequited transfers -- $80 million deficit.

Net capital account figures showed a long-term capital deficit of $53 million for 1992, compared with a deficit of $33 million for 1991. There was a short-term capital deficit of $14 million, compared with a deficit of $102 million for 1991.

Other figures released by the BMA show that the number of notes and coins in circulation at year-end 1992 was $50.8 million, compared with $50.3 million at the end of 1991.

The total Bermuda Dollar money supply at year-end 1992 was $1.560 billion, compared with $1.427 billion a year previously.