Government revises gold imports downward by $5 billion in November

November gold imports data by Indian government has been revised downward for value by more than USD $5 billion. The imports, previously estimated at $15 billion, are now valued at $9.8 billion, according to the latest data released by the Directorate General of Commercial Intelligence and Statistics (DGCI&S). The revision also reduces the value of gold imports over this period from $49 billion to $37.4 billion for the April-November window.

With these changes, the cumulative imports for the period between April and November of 2024-25 have been revised to $472.5 billion, from the earlier estimate of $486.7 billion. Likewise, the November imports now stand at hundred million dollars 63.9 billion, rather than the previously reported 70 billion.

Revisions show November gold imports were not a record high as once thought, though still at elevated levels nearly three times higher than the value in November 2023. It is now instead the fourth-highest month for gold imports.

It is evident how big of an advocate of change this revision has been for the trade deficit of the country. The shrinkage in the trade deficit is significant, with the November deficit now estimated to be at $31.7 billion rather than the previously-released estimate which placed the deficit at $37.9 billion. That initial number would have marked a record high for the gap in trade.

Corrections in data interpretation by the DGCI&S produced the changes, which particularly addressed double-counting gold transferred out of special economic zones. Although the administration has not publicly addressed the issue, the revised numbers were quietly posted on the DGCI&S website.

This discrepancy has led a research body, the Global Trade Research Initiative (GTRI), to question the accuracy of trade data. “If there was a major mistake in India gold import revision, is it possible the same is the case for other commodities? This should not be a one-off, and the government should maintain oversight of trade data on an ongoing basis,” GTRI said in the note.

These updates are critical to understanding the country’s trade health and making sure any errors in data are quickly corrected. The commerce department is now tasked with preserving data disclosure and integrity in future reports.

India has highlighted the usefulness of periodic revisions to the gold imports data to provide a more realistic picture of the country's trade situation.