The value of goods imported into Bermuda fell for the sixth straight quarter.This as the Island’s balance of payments current account surplus shrank by 3.5 percent in the third quarter of 2011.A total of $242 million was spent on imported goods in the quarter ended September 2011, according to the Statistics Department bulletin for the period.This represented a $10 million fall and included goods imported to the Island as well as goods purchased at non-resident ports by resident shipping companies.The 4 percent decline in imports marked the sixth consecutive quarter of reduced payments for imported goods.All import commodity groups registered decreases with the exception of miscellaneous items (+$2.9 million), transport equipment (+$1.5 million) and machinery (+$298,000).The largest declines were recorded for imports of chemicals and fuels which contracted by $4.7 million and $4.6 million, respectively.Revenue from exports remained unchanged at $4 million,The current account surplus, which measures the difference between how much money goes out of the Island for goods and services and how much is paid in, fell from $177 million to $171 million in the three months to the end of September compared to the same period in 2010.Current account receipts stood at $836 million, or $8 million above the same period in 2010, while current account payments rose from $651 million to $655 million.The main reason for the reduction in the surplus was a $34 million increase in investment income paid from Bermuda to non-resident investors. This offset a rise in income from tourism and a reduction in payments for imports, which shrank for the sixth consecutive quarter.Financial, Capital, and Reserve Assets AccountsBermuda’s asset accounts recorded a net inflow of $231 million in the third quarter of 2011, compared to an outflow of $486 million last year.Factors influencing this performance include: Financial account transactions resulted in a net inflow of $238 million this quarter, compared to a $469 million outflow for the third quarter last year; Reserve assets recorded a net outflow of $7 million this quarter, compared to an outflow of $17 million last year.Services AccountPayments for services totaled $246 million in the third quarter, $9 million below the level recorded in 2010.Outlays on business services decreased by $13 million during the quarter. Within this category, ICT services fell by $3 million due to reduced payments for computer services while payments for other services declined by $7 million as residents paid less for overseas management and consultancy services.The travel account recorded a $1 million decrease in payments, reflecting lower expenditure by residents during business and personal trips abroad.The decline in business and travel payments offset increased payments on transportation which grew by $5 million in line with airline ticket costs.Receipts from services increased by $10 million to $391 million during the quarter.Travel inflows amounted to $165 million, rising $12 million above the level recorded in 2010. Both business and personal travel receipts increased as a result of a 17 percent increase in air and cruise arrivals. In contrast, revenue from business services declined by $3 million due mostly to a similar decline in financial services.Primary and Secondary Income AccountThe primary income account reflects balances on compensation earned/paid to non-residents, income from investments and payroll tax paid by non-resident companies to the government. The surplus on the primary income account fell to $294 million from $332 million in 2010.Income receipts fell by $9 million due to decreases in employee compensation and payroll tax collected from non-resident companies. Both employee compensation and payroll tax fell by $7 million during the third quarter of 2011. In contrast, higher earnings on bonds and money market instruments held overseas pushed the investment income receipts up by $5 million compared to a year prior.Income payments to non-residents grew by $29 million to $123 million. This increase was due to the distribution of earnings on the stock of direct investments during the quarter.The secondary income account reflects the balances on donations, insurance claims and other transfers between residents and non-residents.Payments totalled $54 million compared to transfer inflows of only $25 million.The $29 million deficit reflected primarily an excess of claims paid by insurance companies to non-residents over premiums received during the quarter.Financial AccountTransactions on the financial account reflect the changes in balances on overseas holdings of direct investments, portfolio investments (such as equity, debt securities and financial derivatives), and other investments such as trade credits, currency and deposits.Financial account inflows and outflows were both considerably lower than a year ago.Total inflows amounted to $1,044 million while outflows totalled $806 million during the quarter.These flows mostly reflected the investment decisions of the resident financial sector, insurance companies and information services firms with respect to holdings of overseas debt securities and transfer of balances between branches.