Table of Contents
Context: The Ministry of Commerce and Industry on Wednesday revised the gold import figures for November lower by $5 billion to $9.9 billion from $14.8 billion.
Overview of Gold Import Data Revision
- Initial Data: Gold imports for November 2024 were reported at $14.8 billion, leading to a record trade deficit of $38 billion.
- Revised Data: Imports were adjusted downward by $5 billion to $9.8 billion, reducing the trade deficit to $33 billion.
Reason for Revised Data
- Likely double counting of gold shipments due to a transition in e-filing systems from the National Securities Depository Limited (NSDL) to ICEGATE in July 2024.
- Misclassification of gold movements in and out of Special Economic Zones (SEZs).
Indian Customs Electronic Data Interchange Gateway (ICEGATE) |
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India’s Trade Trends (April–November 2024)
Overall Exports
- Total exports: $536.25 billion (up 7.61% from $498.33 billion in 2023).
- Key contributors: Electronic goods, Engineering goods, Rice and Ready-made garments.
- Major Export Destinations: US, UAE, Netherlands, UK and Singapore.
Imports
- Key imports: Crude oil , electronic goods, and gold.
- Top Import Sources: China, UAE, Russia, US, Saudi Arabia and Iraq.