India's Trade Data Overhaul: Unveiling the Real Gold Import Figures

The Indian government recently corrected inflated gold import figures caused by double counting after migrating SEZ data to the ICEGATE system. The revised gold import data for November shows a $5 billion reduction, adjusting the trade deficit from $37.84 billion to $32.8 billion. Further revisions are underway.

The Indian government's shift from NSDL software to the ICEGATE system for SEZ data migration initially led to double counting, inflating gold import figures. This data discrepancy has largely been corrected, with government sources confirming the revised figures.

The reevaluation led to a downward revision of the trade deficit, which was initially reported at a high $37.84 billion for November. Adjusted figures reveal a more accurate deficit of $32.8 billion, also affecting overall import numbers.

Specifically, gold import figures for November saw a reduction by $5 billion to $9.84 billion, while the total for the first eight months dropped by $11.7 billion to $37.38 billion. Officials emphasized that such corrections are standard practice in statistical frameworks globally.

(With inputs from agencies.)