The value of Bermuda’s imports grew 9.4 percent to $258 million during the third quarter, and business services were also up by $4 million, The Department of Statistics’ balance of payments report stated.

Bermuda’s current account recorded a surplus of $201 million in the third quarter of 2013, representing a $29 million decrease year-over-year. It stated: “The decline in the current account surplus mostly reflected changes in the goods account, where the deficit worsened by $22 million. The widening of the goods trade deficit along with the reduced surplus on services transactions were enough to offset an increase in the surplus on the primary income account.”

“Bermuda imported more goods year-over-year, making the deficit on the goods account greater by $22 million to $255 million.

“Services transactions realised a surplus of $130 million in the third quarter of 2013, and the surplus on Bermuda’s primary income account grew to $363 million in the third quarter of 2013.”

It continued to say that transactions on Bermuda’s asset accounts resulted in a net lending position of $294 million.

Factors influencing this performance included Bermuda’s net acquisition of financial assets resulting in an increase of $440 million compared to an increase of $922 million in 2012; and the Island increased its net incurrence of financial liabilities by $146 million this quarter compared to an increase of $348 million in 2012.

The goods account recorded a deficit of $255 million. The Department explained: “The value of goods imported grew 9.4 percent to $258 million during the quarter. Imported goods from the Island’s largest trading partner, the United States, increased $4 million, while the value of imports from Canada increased $3 million over the same period. Imports of fuel recorded the largest increase of $13 million.

“Moderate increases were recorded in the machinery and finished equipment categories which advanced $4 million and $3 million respectively. In contrast, imports of food, beverages and tobacco fell four million.

“Revenue earned from the exports of goods remained unchanged at $3 million during the quarter, and the Services account surplus fell $11 million

“Receipts from services transactions stood at $391 million during the quarter. Among the services categories, revenue from travel services dropped $8 million due to lower tourist spending. In contrast, receipts from business services transactions rose $4 million. This was due partly to an increase in legal and business consultancy services that pushed the receipts of other services $6 million above the 2012 level.

“This increase offset a small decline in receipts from financial services. Revenue received from transportation services and government services remained unchanged from the year prior.”