According to the 2017 Q4 Quarterly Bulletin of Statistics, year-over-year imports declined 5.3%, employment income increased 2.0%, and the Island hosted 55,152 air visitors during the fourth quarter of 2017, an increase of 11.2% when compared to the same period of 2016.

Imports

The report said, “Year-over-year imports declined 5.3 per cent to $236.7 million. The value of imports fell for six of the nine commodity groups. The decline was due largely to an $9.3 million drop in imports of fuels. Imports of finished equipment contracted $5.6 million while imports of machinery declined $2.9 million due to fewer electrical machinery and associated parts. The combined import values of miscellaneous items, transport equipment and clothing fell $2.7 million. In contrast, food, beverages and tobacco increased $3.8 million due to imports of meat, fish and dairy produce. Imports of chemicals and basic materials also increased $2.2 million and $1.4 million, respectively.

“During the fourth quarter of 2017, imports from the United States of America declined $13.6 million. The value of imported goods from Canada decreased $7.1 million. In contrast, imports from the Caribbean, the United Kingdom and all other countries increased.

Chart extracted from the report:

Employment Income by Industry

The report said, “When compared to the fourth quarter of 2016, employment income increased 2.0 per cent or $15.2 million. All industries recorded increases with the exception of business services and the all other industries category. The banking, insurance and real estate industry recorded the largest increase of $3.6 million which reflected an increase in wages and salaries. The international business industry recorded the second largest increase of $3.2 million due mostly to larger bonuses.

Arrivals and Expenditure

“The Island hosted 55,152 air visitors during the fourth quarter of 2017, an increase of 11.2 per cent when compared to the same period of 2016. Estimated total expenditure by air visitors increased 21.4 per cent to $79.7 million year-over-year. Visitors spent $11.3 million more on accommodation and food and $2.8 million more on shopping, entertainment and transport services.

“A total of twenty-six cruise ships visited the Island carrying 42,752 passengers. Total expenditure for these passengers was estimated at $6.9 million. In comparison, twenty-two cruise ships visited Bermuda’s ports during the same quarter in 2016 with $8.1 million being spent by cruise visitors.

Chart extracted from the report:

Quarterly Bulletin of Statistics Q4 2017-2

Hotel Accommodations

“At the end of October 2017, there were 2,548 workers employed in the hotel industry. The level of employment increased by 137 employees, representing 95 more Bermudians and an additional 42 non-Bermudians.

“Hotel gross receipts totalled $68.0 million representing an increase of 16.8 per cent or $9.8 million. This increase reflected primarily a $6.3 million increase in room revenue and a $1.9 million gain in food sales. Sales of alcoholic beverages and all other receipts also increased during the period.”

The full Quarterly Bulletin of Statistics follows below [PDF here]:

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