Gold googly bamboozles import data
18 hours, 10 minutes ago

Gold googly bamboozles import data

The Hindu  

In what may constitute the steepest revision in India’s trade data in recent times, the Centre has revised India’s import bill for November 2024 by almost six billion dollars to $63.86 billion from the record tally of $70 billion reported as quick estimates by the Commerce Ministry last month, led by a sharp $5 billion downward revision in gold imports. In fact, India’s overall import bill for the first eight months of 2024-25, which was reckoned to have grown 8.35% at $486.73 billion, has been pared by almost 3% to $472.5 billion, as per data uploaded on the website of the Directorate General of Commercial Intelligence and Statistics on Wednesday and reviewed by The Hindu. A bulk of this $14 billion drop in the year’s cumulative goods import tally was linked to a revision in the gold import bill from $49.1 billion for April to November 2024, which marked a 49% spike from a year ago, to just $37.4 billion which reflects a mere 13.5% rise. October’s import bill has also been revised downward, but by a marginal $0.16 billion to $66.18 billion, which means it still marks India’s highest import bill in a month.

India Revision Billion Bill Gold Googly Bamboozles Import  data  revised  gold  googly  billion  trade  bill  tally  indias  bamboozles  import  revision

History of this topic

$5 billion shock! India makes largest-ever revision to gold import estimates for November
Trending News
1 day, 3 hours ago

$5 billion shock! India makes largest-ever revision to gold import estimates for November

Live Mint  

India has slashed its November gold import estimates by an unprecedented $5 billion, the largest revision for any commodity in history, after errors in preliminary calculations inflated the figure to a record, government data showed on Wednesday. New Delhi reported last month that its gold imports urged to a record high of $14.8 billion in November, more than doubling from …

India's current account deficit expected at 1.1% of GDP in FY25, says ICICI bank
1 week, 3 days ago

India's current account deficit expected at 1.1% of GDP in FY25, says ICICI bank

Hindustan Times  

India's Current Account Deficit is expected to remain at 1.1 per cent of the Gross Domestic Product in the financial year 2024-25, according to a report by ICICI Bank. In the fiscal year 2024–2025, India's Current Account Deficit is anticipated to stay at 1.1% of GDP, citing to ICICI Bank analysis The report highlighted significant changes in the country's external …

ICICI Bank forecasts 1.1% current account deficit for India in FY25 amid trade challenges
Trending News
1 week, 3 days ago

ICICI Bank forecasts 1.1% current account deficit for India in FY25 amid trade challenges

Live Mint  

ICICI Bank has forecasted that its expects India's Current Account Deficit to remain at 1.1 per cent of the GDP in FY25. According to ICICI Bank, “We expect CAD at 1.1 per cent of GDP in FY25.” Factors In Focus In November 2024, India's trade deficit reached a record high of $37.8 billion, primarily due to gold imports totaling $14.9 …

India’s CAD likely to exceed 2 pc of GDP in Q3 FY25 amid gold import surge: Report
1 week, 5 days ago

India’s CAD likely to exceed 2 pc of GDP in Q3 FY25 amid gold import surge: Report

Live Mint  

New Delhi, December 28 : India's Current Account Deficit is expected to rise above 2 per cent of GDP in the third quarter of FY25, driven by a surge in gold imports, according to a report by Bank of Baroda. However, resilient services exports and remittance inflows are likely to cushion the overall impact, keeping the CAD for FY25 within …

Services exports save the day for India’s current account deficit in September quarter
1 week, 5 days ago

Services exports save the day for India’s current account deficit in September quarter

Live Mint  

Mumbai: A rise in services exports helped narrow India's current account deficit in the September quarter, although this marked the second consecutive quarterly deficit after hitting a surplus in the final three months of FY24. In the three months prior to that—the fourth quarter of 2023-24 —India had registered its first current account surplus in about four years due to …

Rupee at 85 to a Dollar: Sinking Towards 100?
2 weeks, 3 days ago

Rupee at 85 to a Dollar: Sinking Towards 100?

The Quint  

India has indeed developed a strong export franchise in not only IT services but also in setting up global capability centers that employ over 1.5 million talented Indians for highly productive use. India, in contrast to its merchandise counterpart, import much less of services, and generate good surplus despite Indians’ itch to travel abroad and seek overseas education. India exported …

Mint Primer: How India’s trade gap soared, and how it might hurt
2 weeks, 6 days ago

Mint Primer: How India’s trade gap soared, and how it might hurt

Live Mint  

India’s gold imports jumped fourfold to nearly $15 billion in November, powering a 27% surge in goods imports. Prominent drivers of the trade deficit were higher gold imports and falling realizations from petroleum exports. Gold imports touched $14.86 billion, a fourfold increase from $3.44 billion in November 2023, driven by higher volumes, likely fuelled by festive and wedding season demand. …

India’s record gold import said to be due to calculation error
3 weeks ago

India’s record gold import said to be due to calculation error

Deccan Chronicle  

A surge in gold imports that widened India’s trade deficit to a record last month and pushed the rupee to an all-time low was due to an error in calculation, according to people with knowledge of the matter.Officials double-counted gold shipments in warehouses following a change in methodology in July, the people said, asking not to be identified ahead of …

Rahul Gandhi takes aim at BJP over trade deficit: ‘Govt prioritises crony businesses’
3 weeks, 1 day ago

Rahul Gandhi takes aim at BJP over trade deficit: ‘Govt prioritises crony businesses’

Hindustan Times  

Rahul Gandhi slammed the Narendra Modi-led BJP government for ‘prioritising crony capitalism over fair play’ and said that it leads to weakened manufacturing sector, depreciating currency, record high trade deficits, high interest rates, falling consumption and soaring inflation. Tagging a media report which said that trade deficit and imports are at an all-time high, the Leader of Opposition in Lok …

Rahul slams government over trade deficit touching all-time high
3 weeks, 1 day ago

Rahul slams government over trade deficit touching all-time high

The Hindu  

Slamming the Modi government, Leader of Opposition in the Lok Sabha Rahul Gandhi on Wednesday said prioritising crony businesses over play-fair ones leads to weakened manufacturing sector, depreciating currency, record high trade deficits, high interest rates, falling consumption and soaring inflation. "Result: Weakened manufacturing sector, depreciating currency, record high trade deficits, high interest rates, falling consumption and soaring inflation," he …

Rahul slams govt over trade deficit touching all-time high
3 weeks, 1 day ago

Rahul slams govt over trade deficit touching all-time high

Deccan Chronicle  

New Delhi: Slamming the Modi government, Leader of Opposition in the Lok Sabha Rahul Gandhi on Wednesday said prioritising crony businesses over play-fair ones leads to weakened manufacturing sector, depreciating currency, record high trade deficits, high interest rates, falling consumption and soaring inflation.Tagging a media report which said that trade deficit and imports are at an all-time high, Gandhi hit …

Trade shocker: On November’s trade estimates
Trending News
3 weeks, 1 day ago

Trade shocker: On November’s trade estimates

The Hindu  

This October’s foreign trade numbers had offered a sliver of hope for India’s generally weak export story over the past couple of years, as goods exports grew at a 28-month high pace of 17.2%. As in August, November’s import bill spike was led by gold imports that jumped 331.5% from last November to a whopping $14.9 billion. Gems and jewellery …

India's Gold Imports Surge 132% in November
Trending News
3 weeks, 1 day ago

India's Gold Imports Surge 132% in November

Deccan Chronicle  

Chennai: Gold imports went up 132 per cent in volume terms to 130 tonnes in the month of November. Gold imports in volume terms went up 132 per cent to 130 tonnes in November against 56 tonnes in the same month last year. Silver imports between January and November stood at 7500 tonnes, which was 121 per cent higher than …

India's gold imports to plunge in December after record November
3 weeks, 2 days ago

India's gold imports to plunge in December after record November

Deccan Chronicle  

India's gold imports are poised for a sharp slowdown in December following record purchases in November, in the absence of any major festival and as rebounding prices prompt buyers to delay purchases, trade and government officials said.Lower imports by India, the world's second-biggest consumer of the precious metal, could cap a rally in global prices that hit a record high …

Record trade deficit adds to rupee’s challenges, may open to all-time low
3 weeks, 2 days ago

Record trade deficit adds to rupee’s challenges, may open to all-time low

Live Mint  

By Nimesh Vora MUMBAI, Dec 17 - The Indian rupee may slip to an all-time low on Tuesday with the currency, already under pressure from slowing growth, choppy equity flows and a dollar rally, will have to contend with an unexpected widening in trade deficit to a record high. The jump in gold imports and weak exports pushed India's merchandise …

Trade deficit at a record $38bn as gold imports rise
Top News
3 weeks, 2 days ago

Trade deficit at a record $38bn as gold imports rise

Hindustan Times  

India’s merchandise trade deficit widened to a record $37.84 billion in November, driven primarily by surging gold imports and falling exports, a trend experts said threatens to add pressure on the rupee which is already strained by three months of portfolio outflows. Imports, however, surged by 27% to $69.95 billion compared to $55.06 billion in November 2023, mainly due to …

India’s Trade Deficit Widens to Record as Gold Demand Soars
Top News
3 weeks, 3 days ago

India’s Trade Deficit Widens to Record as Gold Demand Soars

Live Mint  

-- India’s trade deficit expanded to a record high in November, as the nation’s import bill ballooned, particularly due to a rise in gold shipments. The gap between exports and imports stood at $37.8 billion in November, trade ministry data showed Monday, much higher than the $23 billion deficit forecast by economists in a Bloomberg survey. A widening trade deficit …

India’s imports rises to 27%, touches to record high of almost $70 billion
3 weeks, 3 days ago

India’s imports rises to 27%, touches to record high of almost $70 billion

The Hindu  

India’s merchandise exports fell 4.83% to $32.11 billion in November while the import bill jumped 27% to a record high of almost $70 billion, as per data released by the Commerce Ministry. This is the third time in four months that India’s import bill has hit a record high, but November’s tally surpasses the last two occasions by a wide …

Gold prices hit 2-week high at Rs 78,800/10 gms ahead of US inflation data
Trending News
4 weeks, 1 day ago

Gold prices hit 2-week high at Rs 78,800/10 gms ahead of US inflation data

India TV News  

Gold prices hit a two-week high of Rs 78,800 per ten grams after managing to cross this milestone in the last trading session. As of 10:09 am, February gold futures were trading at Rs 78,840 per 10 grams on the MCX, a rise of Rs 502 or 0.64% from the previous session’s close. Spot gold also climbed 0.2% to $2,698.47 …

India tops global gold purchases, adds 27 tonnes to the reserves
1 month ago

India tops global gold purchases, adds 27 tonnes to the reserves

Live Mint  

Gold buying by central banks surged to 60 tonnes in October, mainly led by the Reserve Bank of India which added 27 tonnes of the precious metal to its reserves, the World Gold Council said on Thursday. India added 27 tonnes of gold in October, bringing its total gold purchases to 77 tonnes from January to October, according WGC data …

India faces high exposure to US trade policy shift
1 month ago

India faces high exposure to US trade policy shift

Deccan Chronicle  

Chennai: India will be one of the key economies that are most exposed to a potential trade policy shift in the US under the new regime. The 2025 trade outlook is clouded by potential US policy shifts, including broader tariffs that could disrupt global value chains and impact key trading partners, said UNCTAD in its global trade update. This 3.3 …

Rise in smuggling of gold, cocaine: DRI report
1 month ago

Rise in smuggling of gold, cocaine: DRI report

Hindustan Times  

India has seen a marked increase in smuggling of cocaine and gold, with borders in the country’s North-East becoming an area of concern and traffickers employing new techniques. On gold smuggling, the DRI report stated that “India has become a major destination for illicit gold imports, with gold and silver predominantly originating from West Asia, including the UAE and Saudi …

Barter at the border: India's export curbs and price disparity fuel rising illegal trade at the Bangladesh border
1 month ago

Barter at the border: India's export curbs and price disparity fuel rising illegal trade at the Bangladesh border

New Indian Express  

Since mid-2022, smuggling of gold in exchange for food items has surged along the India-Bangladesh border, driven by India's export restrictions and a significant price disparity between the two countries. India's Border Security Force actively tries to prevent such illegal activities, searching vehicles for smuggled goods like gold, drugs, and food staples, including sugar and onions. Despite India reducing its …

India-China trade: An alarming $18 billion discrepancy
1 month, 1 week ago

India-China trade: An alarming $18 billion discrepancy

Live Mint  

India-China trade data for 2023 reveals a widening discrepancy, with India's reported imports from China falling significantly short of China's export figures, raising concerns over potential anomalies such as under-invoicing, misclassification, and inconsistent reporting practices. In 2023, India's merchandise imports from China stood at $99.59 billion, which was 18.2% lower than the $117.68 billion worth of exports reported by China, …

Is it a good time to buy gold? 3 things you should know
1 month, 3 weeks ago

Is it a good time to buy gold? 3 things you should know

India Today  

Gold prices in India have been on the rise over the past few days, showing upward movement in the market. The rise in gold prices is attributed to a softer US dollar and increased investor interest in safe-haven assets amid geopolitical and economic concerns. FACTORS INFLUENCING GOLD PRICES Geopolitical tensions - Jateen Trivedi, VP Research Analyst at LKP Securities, said …

Pharma, electronics and engineering goods among India’s top exports during Apr-Oct
1 month, 3 weeks ago

Pharma, electronics and engineering goods among India’s top exports during Apr-Oct

Live Mint  

New Delhi: India's merchandise exports continued their upward trajectory during April-October, with 21 of the top 30 sectors registering growth in value terms, buoyed by rising global demand for Indian goods. Growth in key sectors like pharmaceuticals, electronics, and engineering goods contributed to the overall gains, while a sharp decline was reported in traditionally strong sectors—petroleum and gems and jewellery—amid …

Gold, Silver Sales Jump Post-Diwali
1 month, 3 weeks ago

Gold, Silver Sales Jump Post-Diwali

Deccan Chronicle  

Chennai: In a rarity, bullion market is witnessing a surge in demand post-Diwali. With gold and silver prices witnessing a significant correction in the past few days, retailers are seeing demand for jewellery as well as coins going up, while the trade has started importing the precious metals more. Gold, which was trading at Rs 79,775 per 10 gm as …

India’s trade deficit with China soars during April-October despite import curbs
Trending News
1 month, 3 weeks ago

India’s trade deficit with China soars during April-October despite import curbs

Live Mint  

New Delhi: India’s merchandise trade deficit with China has risen 13% during the first seven months of the current fiscal year, despite government measures aimed at cutting reliance on the Asian manufacturing major and restrictions on import of certain products from the country. India's goods trade deficit with China widened to $57.83 billion during April-October from $51.12 billion a year …

India’s current account deficit to remain manageable in FY25, Rupee to remain in pressure: Bank of Baroda
1 month, 3 weeks ago

India’s current account deficit to remain manageable in FY25, Rupee to remain in pressure: Bank of Baroda

Live Mint  

New Delhi, November 15 : India's current account deficit will remain within a manageable range for both FY25 and FY26, largely due to muted oil prices that are expected to support the country's external financial position, projected a recent report by Bank of Baroda. Despite global market volatility, the report stated that steady oil prices at current levels are a …

Merchandise exports surge amid focus on key markets, countries
Trending News
1 month, 3 weeks ago

Merchandise exports surge amid focus on key markets, countries

Hindustan Times  

India’s merchandise exports registered 17.25% growth to $39.20 billion in October over the same month last year, with non-petroleum exports aggregating a record $211.34 billion in the first seven months of current financial year despite global headwinds, commerce secretary Sunil Barthwal said, crediting a concerted policy push and Christmas demand for the growth. India’s services exports in October 2024 is …

Merchandise exports in Oct up 17 pc
1 month, 3 weeks ago

Merchandise exports in Oct up 17 pc

Deccan Chronicle  

Chennai: Buoyed by festive demand in the key markets, merchandise exports in October rose 17.26 per cent year-on-year to $39.2 billion, while it grew 13.3 per cent sequentially. While imports rose 3.88 per cent year-on-year, the sequential growth of 20 per cent saw the trade deficit widening to $27.14 billion. Imports grew 3.88 per cent year-on-year to $66.34 billion against …

India’s goods trade deficit widens to $27 billion in October
Trending News
1 month, 3 weeks ago

India’s goods trade deficit widens to $27 billion in October

Live Mint  

New Delhi: India’s merchandise trade deficit widened to a two-month high in October, driven by a rise in imports, data released by the commerce ministry on Thursday showed. The goods trade deficit—the difference between exports and imports—stood at $27.14 billion in October, up from $20.78 billion in September. The overall trade deficit, including both services and merchandise, fell to $10.12 …

India will meet its exports target of USD 800 billion this year: Commerce Secretary
1 month, 3 weeks ago

India will meet its exports target of USD 800 billion this year: Commerce Secretary

Op India  

India’s exports surged by over 19 per cent in October. Commerce Secretary Sunil Barthwal was upbeat on the trade data and said, “It has been an extremely good month for us, and not only our overall export progress has been extremely good, but if you look at April to October, this has been the highest ever non-petroleum exports from this …

Merchandise exports set for modest rebound, to hit $107.5 billion in Q3: India Exim Bank
1 month, 4 weeks ago

Merchandise exports set for modest rebound, to hit $107.5 billion in Q3: India Exim Bank

Live Mint  

India's merchandise exports are likely to rise 1.85% year-on-year to $107.5 billion in the third quarter of FY25, according to India Exim Bank. Exim Bank has projected non-oil exports at $91.7 billion, marking a year-on-year growth of 7.39%. Read this | RITES sets sights on Africa for export of refurbished and underutilized railway diesel locos This anticipated growth signals a …

Trump's potential return sparks concerns over Indo-US trade ties, tariffs
Trending News
2 months ago

Trump's potential return sparks concerns over Indo-US trade ties, tariffs

New Indian Express  

Donald Trump’s return as the 47th president of the US will likely put Indo-US trade ties under sharp focus. Trump has promised a fresh wave of tariffs under his ‘America first’ stance, which may adversely affect countries like India and its key sectors such IT, pharmaceuticals, textiles, chemicals and automotive parts. He even proposed import duty increases of 10-20 percent …

US trade deficit widens to over two year-high in September 2024; Gold imports highest since March 2022
2 months ago

US trade deficit widens to over two year-high in September 2024; Gold imports highest since March 2022

Live Mint  

The US trade deficit surged to nearly a 2-1/2-year high in September as businesses boosted imports to meet robust domestic demand and in anticipation of higher tariffs on goods. “The outcome of the election could add upside risk to imports if businesses seek to pre-empt potential tariff increases in the event of a second Donald Trump presidency.” The trade gap …

India's Gold Rush: 51% More Than China in 3 Months
Trending News
2 months, 1 week ago

India's Gold Rush: 51% More Than China in 3 Months

Firstpost  

India's gold buying surge has been driven by a combination of factors, including the easing of import duties, revenge buying, and wedding and festive demand. The country's demand for gold has surged by 51% in the past three months, with Indians purchasing 248.3 tonnes of gold during July-September 2024. This surge has placed India as the largest gold importer in …

Global Gold Demand Soars 5% in Q3, Hitting 1,313 Tonnes
Trending News
2 months, 1 week ago

Global Gold Demand Soars 5% in Q3, Hitting 1,313 Tonnes

ABP News  

Global gold demand surged by 5% in the third quarter of 2024, reaching 1,313 tonnes. This growth was driven by strong investment activity amid record-high gold prices. Central bank gold purchases fell by nearly half, declining 49 per cent to 186.2 tonnes compared to 363.9 tonnes during the same period in 2023.

Gold Rush: Indian Buyers Continue to Pour Money into Bullion Amid Record Prices
Trending News
2 months, 1 week ago

Gold Rush: Indian Buyers Continue to Pour Money into Bullion Amid Record Prices

Live Mint  

Indian buyers are continuing their festive gold buying spree, with record high prices driving demand. Robust demand for imports of gold could further support global prices, which hit record highs last week. Rising demand for imports of gold could also widen India's trade deficit and put pressure on the rupee.

India's Trade with Canada Slows Down Despite Diplomatic Stalemate
2 months, 1 week ago

India's Trade with Canada Slows Down Despite Diplomatic Stalemate

Live Mint  

Despite a diplomatic standoff, India's trade with Canada remains largely unaffected, with both countries maintaining their commitment to free trade principles. Trade data shows a steady increase in India's exports to Canada, while imports remain stable, indicating resilience in bilateral trade despite the geopolitical tensions.

Silver Outshines Gold: A Stellar Run for a Precious Metal
Trending News
2 months, 2 weeks ago

Silver Outshines Gold: A Stellar Run for a Precious Metal

Live Mint  

Silver prices have surged to new heights, with silver prices surpassing the ₹1 lakh mark in the physical market. This surge has been driven by rising tensions in the Middle East, interest rate cuts by the ECB, and uncertainty surrounding the upcoming US election. In contrast, gold prices have risen by 33.3% compared to their closing price at the end …

Gold Prices Cross Rs 80,000 For First Time in History: Check 24 Carat Gold Rate in Your City on October 23
Top News
2 months, 2 weeks ago

Gold Prices Cross Rs 80,000 For First Time in History: Check 24 Carat Gold Rate in Your City on October 23

News 18  

Gold prices in India reach new highs, crossing the Rs 80,000 mark for the first time ever. The price of 24-carat gold stands at Rs 80,220 per 10 grams, while 22-carat gold is priced at Rs 73,550 per 10 grams. Silver prices also reach new highs, trading at Rs 1,04,000 per kilogram. The rising prices are driven by uncertainty surrounding …

Is the spike in India’s trade deficit a worry?
3 months, 2 weeks ago

Is the spike in India’s trade deficit a worry?

The Hindu  

The story so far: After a positive start to goods exports in the first quarter of 2024-25, there has been a blip in momentum. On the exports front, 18 of India’s top 30 segments recorded growth in July and 19 in August, but the big-ticket sectors like petroleum, and gems and jewellery, have tanked significantly. While gems and jewellery exports …

August’s record gold influx lifts import bill to all-time high
3 months, 3 weeks ago

August’s record gold influx lifts import bill to all-time high

The Hindu  

India’s goods exports shrank 9.32% to $34.71 billion in August, while the import bill expanded 3.3% to an all-time high of $64.36 billion, fuelled by a doubling in gold imports to a record $10.1 billion. On the surge in gold imports, the top trade official pointed to plausible factors such as the recent reduction in import duty from 15% to …

India has trade surplus with 151 nations; deficit with 75 during Jan-June 2024: GTRI
4 months, 1 week ago

India has trade surplus with 151 nations; deficit with 75 during Jan-June 2024: GTRI

The Hindu  

India has recorded trade surplus with as many as 151 countries such as the U.S. and Netherlands, while the country has a trade deficit with 75 nations including China and Russia during the first half of this year, according to think tank GTRI. "Between January and June 2024, India had a trade surplus with 151 countries, representing 55.8 per cent …

India's silver imports to double on demand for solar, investment
4 months, 2 weeks ago

India's silver imports to double on demand for solar, investment

Hindustan Times  

By Rajendra Jadhav and Sherin Elizabeth Varghese India's silver imports to double on demand for solar, investment BENGALURU, - India's silver imports are on course to nearly double this year due to rising demand from solar panel and electronics makers, and as investors bet the metal will give better returns than gold, leading importers said on Friday. This year's purchases …

Exports slip to 8-month low in July, deficit widens 23.7%
4 months, 3 weeks ago

Exports slip to 8-month low in July, deficit widens 23.7%

The Hindu  

Breaking a three-month streak of positive growth, India’s goods exports contracted 1.5% in July to $33.98 billion, the lowest in eight months, even as the import bill rose 7.5% to $57.5 billion, widening the trade deficit by a sharp 23.7% in the month to $23.5 billion. Sequentially, exports dropped 3.5% from June, while imports grew 2.3%, leading to an almost …

India’s Trade Deficit Widens to $23.5B in July
4 months, 3 weeks ago

India’s Trade Deficit Widens to $23.5B in July

Deccan Chronicle  

Chennai: India's trade deficit widened to $23.50 billion in July as exports dipped 1.4 per cent and imports grew 7.5 per cent. However, combined exports of merchandise and services registered a growth of 2.8 per cent and the ministry expects this year’s combined exports to be higher than last year’s. Merchandise exports in July this year dipped by 1.4 per …

Gold Rate Today: Check 22 Carat Price In Your City On July 31
5 months, 1 week ago

Gold Rate Today: Check 22 Carat Price In Your City On July 31

News 18  

Gold Rate Today In India: On July 31, gold prices in India hovered near Rs 68,000 per 10 grams. This rate includes a premium for the highest purity gold, with 24-carat gold priced at Rs 68,940 per 10 grams. Gold rate today in India: Retail gold price on August 1 Check gold rates today in different cities on July 31, …

Discover Related