Cuts Nov figures by $5 bn to $9.84 bn

PTI New Delhi

The government has revised gold import data, bringing down numbers for November by USD 5 billion to USD 9.84 billion, possibly to rectify double accounting of inbound shipments.

According to revised data of the commerce ministry arm Directorate General of Commercial Intelligence and Statistics (DGCIS), gold import numbers have been slashed since April 2024, revealing excess imports of about USD 11.7 billion during the first eight months of 2024-25.

The revision was prompted by an unusual surge in imports of the precious metal in November 2024, leading to record import of USD 69.95 billion and the highest ever trade deficit of USD 37.84 billion.

Noticing the jump, the commerce ministry started examining if there were any calculation or accounting mistakes in the compilation of the gold imports data. DGCIS is an organisation for the collection, compilation and dissemination of India's trade statistics and commercial information.

The revised data published on the DGCIS website showed a difference of about USD 11.7 billion for April-November 2024-25.