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Official Gold Import Figures for Nov Revised Down by $5 Billion

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)
  • It is a centralized portal that provides a range of services for the Indian customs and trading community. Such as,
    • E-filing: Services include filing Bills of Entry and Shipping Bills
    • Online payments: Services like online duty payment
    • Document tracking: Tracking the status of documents at Customs EDI.

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.

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