Today, the Ministry of Economy and Labour released the 2023 Q3 Balance of Payments & International Investment Position publication.
Minister Jason Hayward explained, “Bermuda’s trade with non-residents resulted in a $361 million surplus for the third quarter of 2023, up $96 million from a year ago.”
“Transactions related to trade in goods led to a narrowed deficit on the goods account, decreasing by $40 million to $272 million. Lower imports were associated mainly with the fuels, finished equipment, and basic materials and semi-manufactured goods commodity groups.”
“Services transactions realised a surplus of $137 million, widening by $23 million year-over-year. The increase in the surplus balance reflected primarily an increase in the export of services that was larger than the increase in imports. The surplus on Bermuda’s primary income account increased by $5 million to $531 million due mainly to an increase in employee compensation.”
Minister Hayward continued, “Bermuda’s trade in financial assets and liabilities with the rest of the world resulted in a net international investment position of $4.6 billion at the end of the third quarter of 2023. This balance increased by $761 million over the second quarter of 2023 due to increased assets of portfolio investments. Two of the four institutional sectors recorded positive balances on their net international investment positions at the end of the third quarter. Specifically, financial corporations recorded a balance of $7.3 billion, and non-profit institutions recorded a balance of $33 million. In contrast, non-financial corporations recorded a deficit balance of $2.2 billion, and the government sector recorded a deficit balance of $506 million due to a larger negative net investment position due to a decrease in portfolio and other investment assets.”
The 2023 Q3 Balance of Payments & International Investment Position publication is available online at https://www.gov.bm/balance-payments. The public is advised to read the definitions and notes on the last two pages of the publication before reviewing the data.