Bermuda recorded a $198 million surplus in its economic transactions with the rest of the world in the fourth quarter of last year.

The surplus narrowed by $75 million from the corresponding quarter in 2016, mostly as a result of a lower surplus balance on the primary account which reflects net investment income.

Goods imports during the fourth quarter fell $13 million to $239 million. The value of imports from the US fell $14 million and those from Canada fell $7 million.

The value of fuel imports fell $9 million, finished equipment by $6 million and machinery by $3 million.

Revenue earned from goods exports — including re-exported fuel sold to visiting aircraft — remained unchanged at $5 million.

Receipts from service transactions increased $9 million to $328 million during the quarter. Travel services exports grew $12 million as a result of greater air and cruise ship arrivals and higher visitor spending.

Tourism boosts the island’s balance of payments position, since every dollar spent by a tourist in Bermuda earns the economy $1 in foreign currency, which can be used to purchase goods and services from overseas.

Payments for services from the rest of the world totalled $241 million through the quarter, up $8 million from 2016, mostly as a result of an $11 million increase in payments for business services.