Gold Import Data: Unveiling the Revised Numbers and Implications for India

The Indian government has revised its gold import figures, reducing November numbers by USD 5 billion to address potential double counting. This revision reveals USD 11.7 billion in excess imports for the first eight months of 2024-25, impacting the trade deficit and raising concerns about data accuracy.

The Indian government has adjusted its gold import statistics, revealing a substantial reduction in November figures by USD 5 billion. This step, taken to rectify potential double counting, highlights an excess of USD 11.7 billion in imports over the initial eight months of the fiscal year 2024-25.

Prompted by an unusual surge in November 2024, where imports hit a record USD 69.95 billion, authorities scrutinized the data collection methods, unveiling inaccuracies that have significantly impacted India's trade deficit calculations. The revised numbers push the deficit down to USD 32.84 billion for November.

Global Trade Research Initiative's Ajay Srivastava stressed the need for transparency, as discrepancies raise trust issues in official statistics. With India being a major consumer of gold, such frequent revisions can lead to financial market uncertainties, urging a thorough review of data accuracy to regain confidence in economic reporting.

(With inputs from agencies.)