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