Bermuda’s current account recorded a surplus of $224 million in the third quarter of last year.

The figure represented a $62 million increase compared to the same period last year, partly driven by the fall in the global oil prices that led to Bermuda spending $38 million less on fuel than in the same quarter a year earlier.

The deficit on the goods account — imports and exports — narrowed by $32 million to $218 million.

The increase in the current account surplus reflected the improved goods account deficit, a $17 million increase in the primary income account surplus, as well as a $10 million increase in the surplus on trade in services.

A smaller deficit balance was also recorded on the secondary income account.

Year on year, the value of imported goods dropped by 12.5 per cent to $223 million.

The decline was a result of a 22.8 per cent fall in imports from Canada and a 16.8 per cent decline in imports from the US, the country’s biggest trading partner.

But the value of imports from the UK, Caribbean and all other countries increased.

Revenue earned from the import of goods dropped $1 million to $5 million during the quarter.

The decline was reflected mostly in the cost of imported fuel, which dropped $38 million, while imports of food also contracted by $3 million, attributed to lower imports of meat and fish.

Services transactions realised a surplus of $106 million in the third quarter of 2015, while the surplus on Bermuda’s primary interest account rose to $367 million.

Transactions on Bermuda’s asset accounts resulted in a net lending position of $292 million.

The Island’s net acquisition of financial assets resulted in a withdrawal of $1573 million, compared to a withdrawal of $1037 million in the third quarter of last year.

Bermuda decreased its net incurrence of financial liabilities by $1.86 billion for the quarter, compared to a decrease of $1.16 million in the same period the year before.

Receipts from services transactions stood at $337 million for the third quarter, up $9 million year-on-year.

The increase reflected a $17 million gain in receipts from insurance services, attributed largely to a rise in reinsurance premiums collected.

Fees and commissions from financial services also went up by $5 million.

But other business services fell by $12 million — put down to a drop in demand for accounting and audit services.

Payments for services bought from non-residents dropped $1 million to $271 million compared to the third quarter last year.

And payments for business services also fell, down $3 million as lower payments were made for services like management consultancy.

But the decrease was offset by transportation outflows and travel outflows, which increased by $1 million each.

The primary income account surplus — the balance of compensation earned/paid to non-residents and income from investments and payroll tax paid by non-resident companies to Government — increased by $17 million.

The surplus on the primary income account rose to $367 million from $350 million in 2014.

The surplus balance on employee compensation advanced $20 million, reflecting increased bonuses and stock options.

The balance on investment income recorded a deficit of $3 million compared to a surplus of $5 million in 2014, while the surplus balance on other income increased $4 million to $33 million.

The Island’s international investment position (IIP) the stock of foreign assets owned by Bermuda residents was above its stock of foreign liabilities by and estimated $5180 million. Bermuda’s net IIP increased $224 million over the second quarter of 2015.