India Revises Gold Import Data, Reducing Figures by a Third

Investing.com -- According to close sources, the Indian government is in the process of revising gold import and trade data after detecting inconsistencies in calculations last month. The Directorate General of Commercial Intelligence and Statistics (DGCIS), a unit under the Ministry of Commerce and Industry, announced on Wednesday that gold imports in November were approximately $5 billion lower than previously reported.

The figures have not yet been finalized, and revised gold and overall trade data are expected to be published next week, coinciding with the announcement of December's monthly trade statistics. Sources preferred to remain anonymous as the information is not yet publicly available.

According to the DGCIS website, gold imports for November were recorded at $9.84 billion. This figure is significantly lower than the record level of $14.86 billion reported earlier by the Ministry of Commerce, which releases official trade statistics. Based on these new figures, India's trade deficit for November stood at $31.83 billion, showing a noticeable decline compared to the previously reported $37.8 billion.

The government has not made an official statement regarding the cause of the data inconsistency. However, it has been reported that officials previously double counted some gold imports, leading to an overestimate. The Ministry of Commerce has not yet responded to requests for comment.