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Revision narrows trade deficit and reveals significant discrepancies in gold import figures. (Image courtesy: Unsplash)

India revises November gold import data, uncovering $5 billion error

| @indiablooms | Jan 08, 2025, at 08:29 pm

New Delhi: India’s gold import figures for November have been revised sharply downward to $9.8 billion, significantly lower than the previously announced $14.8 billion, according to data from the Directorate General of Commercial Intelligence and Statistics (DGCIS) released on Wednesday.

A $5 billion discrepancy emerged due to a ‘calculation error’ linked to double counting of warehouse-stored shipments following a change in reporting methodology in July.

The commerce department has yet to issue a formal clarification on the adjustment.

This correction has also reduced India’s trade deficit for November to $32.8 billion, a $5 billion drop from the record $37.8 billion initially reported.

The revision was prompted by a 331 percent year-on-year surge in gold imports during November, which DGCIS termed ‘unusual.’

Officials conducted a reconciliation of figures with data from the Central Board of Indirect Taxes and Customs, a commerce ministry source confirmed.

Previously released trade data attributed November’s record trade deficit to a spike in gold imports, which were initially estimated at $14.8 billion—comprising 21 percent of the month’s total merchandise imports.

India sources its gold primarily from Switzerland, the UAE, and Peru.

Between April and November, India imported $47 billion worth of gold, highlighting the metal’s continued economic significance despite the revised figures.

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