News Release: HAMILTON, Bermuda – “In the second quarter of 2021, Bermuda’s trade with non-residents resulted in a $313 million surplus increasing $37 million from a year ago,” said the Minister for the Cabinet Office, Wayne Furbert in releasing the 2021 Q2 Balance of Payments & International Investment Position publication from the Department of Statistics.
Minister Furbert continued: “Transactions related to trade in goods resulted in a wider deficit on the goods account, increasing by $58 million to $237 million. Higher imports were recorded across all commodity groups.”
Minister Furbert further explained: “Service transactions realised a surplus of $72 million, rising $20 million year-over-year. An improvement was recorded on the travel account due to high visitor expenditure, and higher business services receipts were earned from legal services, accounting services and premiums collected for direct insurance services. The surplus on Bermuda’s primary income account rose by $80 million to $511 million due mostly to an increase in net employee compensation.”
The Minister also noted that: “Bermuda’s trade in financial assets and liabilities with the rest of the world resulted in a net international investment position of $4.9 billion at the end of the second quarter of 2021. This balance increased by $876 million over the first quarter of 2021 is due mostly to financial institutions’ increased holdings of debt securities and currency and deposits. Two of the four institutional sectors recorded positive balances on their net international investment positions at the end of the second quarter. Specifically, financial corporations recorded a balance of $7.1 billion, and non-profit institutions recorded a balance of $44 million. In contrast, non-financial corporations recorded a deficit balance of $2.2 billion, while the government sector recorded a deficit balance of $78 million, which improved due to a rise in portfolio investment assets.”
The 2021 Q2 Balance of Payments & International Investment Position publication is available online at https://www.gov.bm/balance-payments. The public is advised to read the concepts and definitions on the last page of the publication before reviewing the data.