India cut its April-November 2024 gold import estimate by $11.7 billion in data released on Thursday after figures were miscalculated due to some double counting. The government has revised its gold import estimate to $37.

India on Thursday said it has revised its trade data for precious metals after a detailed examination found that November gold imports witnessed an “unusual surge” owing to technical glitches.

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India’s trade deficit for November was revised downward to $32.8 billion, with gold imports adjusted to $9.8 billion. This revision followed a reporting error and reflects a shift in trade dynamics, with imports surpassing exports amid strong performance in services.

The Indian government has admitted to a significant miscalculation in its import figures for precious metals, an error that had inflated the trade deficit to a record level in November and contributed to a sharp decline in the value of the rupee.

The double counting happened because the migration of data recording system from NSDL to the Indian Customs Electronic Data Interchange Gateway was not finished