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Informist, Wednesday, Jan. 8, 2025

 

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--Govt: Nov gold imports $9.84 bln vs $14.86 bln estimated earlier
--Govt: Apr-Nov gold imports at $37.39 bln vs $49.08 bln estimated earlier
--Govt: Nov goods imports $63.86 bln vs $69.95 bln estimated earlier
--Govt: Apr-Nov goods imports $472.53 bln vs $486.73 bln estimated earlier
--Govt: Nov goods exports $32.04 bln vs $32.11 bln estimated earlier
--Govt: Apr-Nov goods exports $283.70 bln vs $284.31 bln estimated earlier
--Govt: Nov goods trade deficit $31.83 bln vs $37.84 bln estimated earlier
--Govt: Apr-Nov trade deficit $188.84 bln vs $202.42 bln estimated earlier

 

 

NEW DELHI – The government has revised the merchandise trade data for November, lowering the gold import figure for the month by $5 billion. According to data from the commerce ministry's Directorate General of Commercial Intelligence and Statistics, India imported $9.84 billion worth of gold in November. The revised gold import data for November is $5.02 billion lower than the $14.86 billion estimated by the commerce ministry earlier. 

 

Thanks to the revised gold import data, the overall goods imports figure has also been lowered by $6.09 billion to $63.86 billion for November. As a result, the November trade deficit is now $31.83 billion compared with the original estimate of $37.84 billion, released on Dec. 16. 

 

Despite the downward revision, the trade deficit was at a record high in November.

 

The revision in the November trade figures comes after the Directorate General of Commercial Intelligence and Statistics carried out a detailed review of India's trade data following a massive jump in gold imports in November.

 

Informist had reported on Dec. 30 that the good imports data for Apr-Nov could be revised down after bullion traders had flagged that gold imports for November could be revised lower because of double-counting. To be sure, November was not the first time that India's gold imports saw a double-counting.

 

Starting July, a single system--the Indian Customs Electronic Data Interchange Gateway, or ICEGATE--is being used to handle bills of entry for imported goods. This marked a departure from a two-system method used until then: the Department of Commerce's SEZ Online system for goods stored in warehouses or bonded areas, which aren't considered official imports, and the ICEGATE system for bills for goods intended for domestic consumption, which are considered actual imports.

 

The move to consolidate both the types of data into the ICEGATE was supposed to streamline the process and allow for faster sharing of data. But according to traders, the shift led to some miscalculations in gold imports for July and August also, although these were minor and to the tune of around half a tonne.

 

Apart from gold, the silver import figure for November was also revised lower by $179.68 million to $476.93 million. For October, silver import figure was lowered to $125.44 million from the original estimate of $331.69 million.

 

The Apr-Nov gold import figure was lowered by $11.69 billion to $37.39 billion, while the overall merchandise imports print was changed to $472.53 billion, lower by $14.20 billion than the previous estimate.

 

Exports saw a marginal revision in November and Apr-Nov. Goods imports for November were lowered to $32.04 billion from the original estimate of $32.11 billion, while the number for Apr-Nov was revised to $283.70 billion from $284.31 billion previously reported. 

As the Apr-Nov imports print was lowered sharply, the overall merchandise trade deficit for the first eight months of 2024-25 (Apr-Mar) was brought down to $188.84 billion from the previous estimate of $202.42 billion.  End

 

US$1 = INR 85.85

 

Reported by Shubham Rana

Edited by Akul Nishant Akhoury

 

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