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Gold import revision cuts Nov trade deficit by $5 bn
Hindustan Times Noida
|January 09, 2025
India's record trade deficit for November has been revised downward to $32.8 billion from $37.8 billion, after the government made a sharp correction in gold import data.
NEW DELHI:
The Directorate General of Commercial Intelligence and Statistics (DGCIS), an arm of the commerce ministry, said on Wednesday that gold imports for the month were adjusted to $9.8 billion, a substantial reduction from the earlier estimate of $14.8 billion.
The $5-billion revision was attributed by PTI to a calculation error caused by alleged double counting of gold shipments in warehouses.
A commerce ministry official said the revision "emerged after a change in reporting methodology in July" and that the discrepancy was discovered during the process of reconciling figures of the DGCIS and the Central Board of Indirect Taxes and Customs.
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