New Delhi: India has significantly reduced its April-November 2024 gold import estimate by $11.7 billion, citing errors caused by double counting in trade figures. The revised estimate now stands at $37.38 billion, down from the earlier figure of $49.06 billion, according to data released by the Trade Statistics Department on Thursday.
The correction followed a review triggered by an unusual surge in reported imports. Under the country’s new data system, gold imports were mistakenly counted twice: first when entering India’s special economic zones (SEZs) and again when cleared for exit into the broader domestic market.
The revision in gold imports is expected to shrink India’s trade deficit by at least $11.7 billion. This adjustment provides some relief to the nation’s trade balance, which had been under pressure from the earlier inflated figures.
Last month, New Delhi announced that gold imports had reached a record high of $14.8 billion in November 2024. However, this figure has now been revised downward by $5 billion. The initial spike had significantly widened India’s merchandise trade deficit, which unsettled the Indian rupee and raised concerns about the country’s economic stability.
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Silver imports during the same period were also revised downward. The revised data shows imports at $2.33 billion, compared to the previous estimate of $3.28 billion, as calculated by the Global Trade Research Initiative, a New Delhi-based think tank.
India’s April-November trade deficit before these revisions was pegged at $202.42 billion. The updated figures are expected to reflect a more accurate representation of the country’s trade dynamics.
India, the world’s second-largest gold consumer, relies heavily on imports to meet its domestic demand, which typically surges during the festival and wedding season in the December quarter.
