provisional estimates recorded a surplus on current account of $9 million, a slight drop on 1999.

Bermuda's balance of payments surplus fell by 47 percent to $9 million for the first quarter of 2000 from the same time last year, according to figures released yesterday by the Bermuda Monetary Authority.

In a report on the balance of payment estimates until 31 March 2000, about $9 million more left the country than was paid out.

Payments in the first quarter of 2000 increased by $23 million, up 7 percent, and receipts went up by $15 million, up 4.5 percent compared to the first quarter of 1999. The balance of payments records the movement of goods, services and financial transactions between one country and the rest of the world.

In the first quarter of this year Bermuda's payments totalled $343 million, covering imports, shipping costs, travel, investment income and professional and managerial, technical services and other goods and services.

The Island's receipts totalled $352 million for the same kinds of goods and services.

In money terms the balance of payments is the total of all receipts from abroad and all payments to receipts abroad.

All receipts and payments of whatever nature are included, whether they be the payments and receipts for non-commercial purposes, such as legacies or pensions, for goods sold or services rendered, or investment purposes, on behalf of the Government or of private persons or agencies.

$178 million of merchandise was imported -- up 4 percent on the same quarter the year before. Exports stood unchanged in the same period as the year before at $11 million. This leaves a deficit of $167 million.

The cost of bringing these goods on to the Island cost $30 million, up 7 percent on the same three months in 1999.

Cash in circulation: Page 18 Balance of payments surplus falls Shipping and transportation out of Bermuda, meanwhile, cost $6 million -- three times the price of the same exports in the same period last year. The shipping and other transportation deficit stands at $24 million.

Investment income in current account payments -- the payments and receipts for immediate transaction, such as the sale of goods and rendering of services -- is listed at $4 million, down a third on last year, and as $68 million in receipts, up 15 percent on the same period last year. The net balance is $64 million.

In the area of travel, the Island saw a marginal rise year on year to $30 million for payments, and receipts of $47 million, down slightly on last year, leaving a balance of $17 million.

The money spent on professional, manual and technical services on the current account stands at $17 million, while receipts are $184 million. The net balance is $167 million.

In the current account other unspecified goods services and income were recorded at $52 million, and current transfers at $32 million. Receipts in these categories were $32 million for unspecified goods and current transfers $4 million. The deficit for other goods is $20 million and current transfers stands at a loss of $28 million.

The capital and financial account, which is made up of capital transfers, long term investment and short term investment, recorded net outflow of $46 million, compared to a net deficit for the same period last year of $42 million.

The BMA said that the balance of payment figures were to a large extent based on estimated and historical data.

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