India's April-November gold import data revised downwards by $11.7 billion

While, the initial months of 2024-25 saw narrower revisions, the gold import data for October is now lower by $2.45 billion to $4.68 billion.

India revised downwards figures for import of gold from the beginning of the current fiscal year in April until November denoting that the miscalculation was not limited to a single month.

The government has revised its gold import estimate to $37.38 billion from $49.06 billion, trade statistics department data showed.

While, the initial months of 2024-25 saw narrower revisions, the gold import data for October is now lower by $2.45 billion to $4.68 billion.

The import figures for August and September too witnessed significant downward revisions by $1.42 billion and $1.09 billion respectively, according to data uploaded by commerce ministry’s Directorate General of Commercial Intelligence and Statistics (DGCI&S).

For the entire period (April-November), India's gold import data in value terms is now lower by a massive $11.7 billion.

As reported earlier, the government revised its gold import figures for November 2024 by $5 billion to $9.84 billion from $14.86 billion, as per DGCI&S data.