Third Quarter Bulletin Statistics for 2018 show total imports increased 12.6 percent, with a 1.4 percent increase in employment income, and the island hosted 94,966 visitors, representing a 5.1 percent increase over the same period in 2017.
According to the figures released by the Department of Statistics today:
The report said, “Total imports increased 12.6 per cent to $275.4 million year-over-year. Seven of the nine commodity groups recorded higher imports year-over-year with the largest increase of $12.7 million recorded in the Fuel imports category. Imports of Machinery was $12.0 million higher due mostly to industrial machinery.
“Imports from the United States of America increased $36.0 million compared to the third quarter of 2017. Imports from the United Kingdom increased $1.6 million while the value of imports from the All Other Countries category rose $0.7 million. In contrast, imports from the Caribbean and Canada declined $4.3 million and $3.2 million, respectively
Employment Income by Industry
The report said, “Year-over-year, employment income increased 1.4 per cent or $11.5 million. The Hotels and Restaurants sector and the All Other sector both recorded the largest increases in remuneration of $3.9 million each. Other notable increases in employment income were recorded in the Banking, Insurance and Real Estate sector which rose by $2.9 million and the Construction sector which grew by $1.9 million.
Arrivals and Expenditure
“The Island hosted 94,966 air visitors during the third quarter of 2018, an increase of 5.1 per cent when compared to the same period of 2017. Estimated total expenditure by air visitors was $144.6 million which was 3.5 per cent higher year-over-year. Visitors spent $6.8 million more on Accommodation and Food. In contrast, expenditure on Shopping, Entertainment and Transport, etc. was $1.8 million lower.
“During the third quarter of 2018, a total of sixty cruise ships visited the Island carrying 190,115 passengers. In comparison, sixty-four cruise ships carrying 200,455 passengers visited Bermuda’s ports during the same period in 2017.
“During the month of September 2018, six cruise calls with an estimated 13,900 passengers, cancelled their scheduled visits to Bermuda in an effort to avoid the path of Hurricane Florence. As a result, total estimated expenditure for cruise passengers in the third quarter 2018 decreased by 4.0 per cent to $30.8 million.”
“At the end of July 2018, there were 2,805 workers employed within the hotel industry. The level of employment increased by 138 employees, representing 106 Bermudians and 32 non-Bermudians.
“Hotel gross receipts totaled $125.6 million in the third quarter of 2018. This represented an increase of 4.7 per cent or $5.6 million year-over-year. Of the total gain in receipts, $4.1 million was attributed to room sales while food and alcohol sales were $2.1 million higher year-over-year. In contrast, all other sales revenue declined $0.5 million.”
Minister for the Cabinet Office Walton Brown said, “The latest 2018 third quarter QBS showed that total imports increased 12.6 % to $275.4 million year-over-year. Also, employment income increased 1.4% or $11.5 million which is encouraging to see.
“And in our tourism sector, estimated total expenditure by air visitors was $144.6 million which was 3.5% higher year-over-year. These third quarter results are in keeping with the encouraging news I shared this week regarding the third quarter GDP results for 2018.”