Bermuda’s current account surplus in the fourth-quarter of 2015 was $204 million, down $38 million on the same period in 2014.

The deficit on the goods account decreased $7 million to $223 million. There was a $49 million surplus in services transactions, while the surplus on the island’s primary income account fell to $410 million in the fourth-quarter.

A balance of payments and international investment position bulletin, issued by the Department of Statistics, noted: “The decrease in the current account surplus reflected mostly a reduction in net receipts for insurance services and a small decline in the surplus on the primary income account. In contrast, the deficit on merchandise trade narrowed due to lower payments for imported goods.”

The island imported goods valued at $227 million, down 3 per cent year-on-year. There was a $31 million drop in goods imported from the US, while imports from Canada grew by $17 million.

Imports of fuel fell $18 million, and imports of food, beverages and tobacco contracted by $4 million. However, there was a rise in imports of finished equipment and transport equipment of $7 million and $5 million respectively.

Revenue from exports during the quarter fell by $1 million to $4 million.

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