Gold Import Data Revised Downwards, Trade Deficit Narrows by $5 Billion
The Directorate General of Commercial Intelligence and Statistics (DGCIS) has revised India’s gold import figures for November 2024 to $9.8 billion, significantly lower than the previously reported $14.8 billion. The $5 billion reduction was attributed to a “calculation error” caused by alleged double counting of gold shipments in warehouses following a change in methodology implemented in July. The commerce department is yet to release an official statement on the revision.
The corrected figures indicate a $5 billion narrowing in India’s trade deficit for November, reducing it from an all-time high of $37.8 billion to $32.8 billion. The revision comes amidst an unusual 331% year-on-year surge in gold imports for the month, prompting the DGCIS to conduct a detailed examination of import data, reconciling discrepancies with figures from the Central Board of Indirect Taxes and Customs. Gold imports had initially accounted for 21% of November’s total merchandise imports.
India’s trade data, released on December 16, had previously highlighted a record-high trade deficit driven by a surge in merchandise imports, with gold shipments playing a significant role. Between April and November 2024, India imported $47 billion worth of gold, primarily sourced from Switzerland, the United Arab Emirates, and Peru. The corrected data underscores the importance of accurate reporting in assessing trade dynamics.
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