Govt revises gold import data, Nov trade deficit to shrink

The government has revised gold import data, bringing down numbers for November by $5 billion (₹42,950 crore) to $9.84 billion, possibly to rectify double accounting of inbound shipments.

- PTI

According to revised data from 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 $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 $69.95 billion and the highest ever trade deficit of $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.