India’s Trade Deficit Takes a Hit as Precious Metal Imports Get a Makeover

India’s trade deficit hit a new high in November, and the cause? A mistake on the government’s part when it comes to importing precious metals—mainly gold. Turns out, the Ministry of Commerce and Industry had been using inaccurate data for months, which was only revealed after a deeper dive into the numbers. The culprit? A new data transmission system that wasn’t as reliable as expected, leading to some serious miscalculations. For November, gold imports were initially pegged at a jaw-dropping $14.8 billion, fueling worries over a massive trade imbalance. But a revision showed that the actual number was about $5 billion less—around $9.84 billion. That discrepancy, which pushed the trade deficit to a record $37.8 billion, had analysts scratching their heads. The surge in gold imports didn’t make sense, especially after the government slashed duties on the precious metal in July. As the government works to reconcile the numbers, they’re confirming that errors like these do happen from time to time, thanks to late data and occasional tweaks. In fact, the revised import figures for the April-November period now stand at $37.39 billion for gold imports, which is $11.7 billion lower than initially thought.

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