Bermuda’s current account fell by $108 million in the second quarter of the year compared to the same period in 2013, the latest Government figures have revealed.

The current account stood at $215 million in the quarter which finished at the end of June, while the deficit on the goods account widened by $8 million to $259 million.

And the surplus on the Island’s primary income account fell to $399 million in the second quarter of the year.

A report from the Government’s Department of Statistics said: “The contraction in the current account surplus mostly reflected changes in the primary income account, where the balance declined by $74 million, due primarily to a decrease in net investment income received from non-residents.”

The report added that, year on year, the value of imported goods rose 2.7 per cent to $262 million.

Imported good from Canada increased by $7 million, while imports from the US, the Island’s biggest trading partner, went up by $4 million.

Imports from the UK and all other countries were $7 million higher in 2014.

But the report said these increases were “offset partially” by a $12 million drop in imports from the Caribbean region.

It added: “Among the commodity groups, the increase was reflected primarily in the imports of transport equipment such as cars and boats.

“Imports of essential goods such as food and fuel registered modest increases of less than $1 million each.”

The report added that exports of goods from Bermuda remained unchanged at $3 million for the quarter.

Receipts from service transactions — like air arrivals — also fell over the quarter, totalling $358 million.

The report said: “Receipts from travel services declined $4 million due to lower expenditure by air visitors.

“Receipts from business services fell $2 million due to a fall in fees and commissions related to financial services.

“The $3 million decline in transportation receipts reflected less wharfage revenue collected from non-residents.”

Receipts from Government services remained unchanged at $2 million.

The Island’s international investments position (IIF) — a record of residents’ investment abroad and inward investment by non-resident — increased in terms of residents’ investments overseas, but investment into the Island fell.

The report said that the stock of foreign assets held by Bermuda residents registered above its stock of foreign liabilities by an estimated $4,534 million — up $463 million over the first quarter of the year.