Today, the Ministry of Economy and Labour released the 2023 Q2 Balance of Payments & International Investment Position publication. 

The Minister explained, “Bermuda’s trade with non-residents resulted in a $357 million surplus for the second quarter of 2023, down $25 million from a year ago.

“Transactions related to trade in goods led to a wider deficit on the goods account, increasing by $1 million to $310 million. Higher imports were associated mainly with the finished equipment, transport equipment, food, beverages & tobacco, and clothing commodity groups.

Minister Hayward added, “Services transactions realised a surplus of $194 million, widening by $58 million year-over-year. The increase in the surplus balance was primarily reflected in               an increase in the travel services account balance. The surplus on Bermuda's primary income account fell by $92 million to $516 million, due mainly to a decrease in investment income.

The Minister continued, “Bermuda’s trade in financial assets and liabilities with the rest of the world resulted in a net international investment position of $3.9 billion at the end of the second quarter of 2023. This balance increased by $106 million over the first quarter of 2023 due to decreased liabilities of portfolio investments. 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 $6.4 billion, and non-profit institutions recorded a balance of $27 million. In contrast, non-financial corporations recorded a deficit balance of $2.1 billion, and the government sector recorded a deficit balance of $409 million due to a smaller negative net investment position due to an increase in portfolio and other investment assets.”

The 2023 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 definitions and notes on the last two pages of the publication before reviewing the data.