India sharply lowered its April-November 2024 gold import estimate by $11.7 billion on Thursday after precious metal trade figures were miscalculated due to some double counting. The government revised its gold import estimate to $37.

India on Thursday said it has revised its trade data for precious metals after a detailed examination found that November gold imports witnessed an “unusual surge” owing to technical glitches.

India’s trade deficit for November was revised downward to $32.8 billion, with gold imports adjusted to $9.8 billion. This revision followed a reporting error and reflects a shift in trade dynamics, with imports surpassing exports amid strong performance in services.

India has slashed its November gold import estimates by an unprecedented $5 billion, the largest revision for any commodity in history, the government data showed on Wednesday.

India’s government acknowledged it miscalculated import figures for precious metals for months, an error that pushed the trade deficit to a record in November and caused the rupee to plunge to an all-time low.

India cut its April-November 2024 gold import estimate by $11.7 billion in data released on Thursday after figures were miscalculated due to some double counting. The government has revised its gold import estimate to $37.