Australia merchandise imports fall 2pc

SYDNEY: Australia's international merchandise imports on a balance of payments basis fell 2 percent in seasonally adjusted terms to A$20.63 billion ($22.2 billion) in January, compared to A$21 billion in December.

The Australian Bureau of Statistics on Monday said imports of Intermediate and other merchandise goods fell A$477 million, or 5 percent, driven by a drop of A$669 million in fuels and lubricants. Imports of capital goods fell A$81 million, or 1 percent, while imports of consumer goods rose A$164 million, or 3 percent.

In original terms, imports dropped 4 percent in January to A$19.2 billion, while on a balance of payments basis they fell 5 percent.

The ABS said new data had led it to revise estimates for the volume of goods imports in the fourth quarter of last year to 1.3 percent, from an initial 1.9 percent. The implicit price deflator for imports was revised to 3.5 percent, from 3.2 percent.