Bermuda’s current account recorded a surplus of $225 million in the first quarter of 2014, Department of Statistics figures show.This represents an $11 million decrease from the $236 million surplus year-over-year. The report stated that the contraction in the current account surplus mostly reflected changes in the primary income account, where the balance declined by $33 million. This was primarily due to a decrease in investment income received from non-residents.The Department of Statistics report also shows the deficit on the goods account narrowed by $17 million to $216 million.Year-over-year, the value of imported goods fell 6.8 percent to $219 million. Imported goods from the Caribbean decreased by $14 million, while imports from the United States decreased by $3 million.The decline was reflected primarily in the imports of fuel which fell $20 million below the corresponding period of 2013.Imports of food, chemicals and machinery also contracted during the period. In contrast, imports of finished goods such as furniture, fittings and photographic equipment rose $6 million.Revenue earned from the exports of goods remained unchanged at $3 million during the quarter. Services transactions realised a surplus of $89 million in the first quarter of 2014.The surplus on Bermuda’s primary income account fell $33 million to $392 million in the first quarter of 2014.The primary income account reflects balances on compensation earned/paid to non-residents, and income from investments and payroll tax paid by non-resident companies to the government.The surplus on the primary income account decreased from $425 million in 2013. The Statistics Department report stated: “Both income receipts and payments were lower in 2014, compared to atypical investment income transactions in the first quarter of 2013.” It highlighted transactions on Bermuda’s asset accounts that resulted in a net lending position of $275 million. Factors included:[naviga:ul][naviga:li]Bermuda’s net acquisition of financial assets resulted in a reduction of $742 million compared to an accumulation of $151 million in 2013, and[/naviga:li][naviga:li]Bermuda decreased its net incurrence of financial liabilities by $1,017 million this quarter compared to a decrease of $273 million in 2013.[/naviga:li][/naviga:ul]