India's record-breaking love for gold stays that way despite $5bn cut in import numbers
FirstpostIndia revised its November 2024 gold import figures to $9.84 billion, down 34 per cent from initial reports. The adjustment, linked to a calculation error, is expected to lower the record trade deficit of $37.8 billion reported for the month Erraneous calculatin in gold import numbers for November had pushed the trade deficit in India – calculated by measuring imports vs exports – to a record high. The initial surge in gold imports that ballooned India’s trade deficit was attributed to a calculation error that was reportedly flagged early on. In November, India’s trade deficit was reported to have climbed to an unprecedented $37.8 billion, driven largely by the erroneous gold import data that initially showed a four-fold increase to $14.86 billion from $3.44 billion a year earlier.