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22nd November 2021
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Overseas purchases jump as local sales decline

Overseas purchases by Bermuda residents jumped to $25.6 million in July, an increase of $6 million year-over-year.

The jump was reported in the monthly Retail Sales Index Report released on Friday by the Ministry of the Cabinet Office.

The 30.6 per cent rise was influenced by higher imports of clothing, furnishings and electrical machinery and equipment imported by households via sea, which jumped $5.1 million year-over-year to $8.4 million.

While overseas sales soared, local purchases slumped, as the Retail Sales Index dropped for the first time in more than a year.

After adjusting for the retail sales rate of inflation, which was measured at three per cent in July, the overall volume of retail sales decreased by 6.7 per cent when compared to July 2020.

The decline was attributed mostly to decreased spending on-island by residents in 2021 compared to the increased spending in July last year after the easing of Covid-19 related restrictions.

In value terms, retail sales fell 3.9 per cent to an estimated $104.7 million compared to the previous year.

In the selected overseas declarations sector, imports via courier decreased by $1.7 million to $13.9 million.

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