Investing.com -- India's government is in the process of revising its gold import and trade data after discovering calculation discrepancies last month, according to sources familiar with the matter. The Directorate General of Commercial Intelligence and Statistics (DGCIS), a unit within the Ministry of Commerce and Industry, revealed on Wednesday that gold imports were roughly $5 billion lower than previously reported in November.
The figures are not yet finalized, and the revised gold and overall trade data are expected to be published next week. This will coincide with the release of the monthly trade statistics for December. The sources requested anonymity as the information is not yet public.
According to the DGCIS website, gold imports for November were $9.84 billion. This is significantly lower than the record $14.86 billion previously reported by the commerce ministry, which releases the official trade statistics. Based on these new figures, India's trade deficit for November was $31.83 billion, as per Bloomberg calculations. This is a noticeable reduction from the previously reported $37.8 billion.
The government has not officially provided a reason for the data discrepancy. However, it was reported that officials had earlier double-counted some gold imports, resulting in an overestimation. The commerce ministry has not yet responded to requests for comment.
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