India’s merchandise trade deficit was lower than expected at $21.94 billion in December 2024, with reduced import figures for April-November due to a miscalculation in gold shipments.
Government data revealed that merchandise exports were $38.01 billion in December, with imports totalling $59.95 billion.
India’s trade ministry rushed to rectify monthly import figures for precious metals, including gold, from April to November last week.
The trade ministry has not yet published the updated data for November, where gold imports were initially overestimated by $5 billion, leading to a significant increase in the trade deficit.
As a result of this adjustment, India has substantially reduced its gold import estimate for April- November 2024 by $11.7 billion.
Attribution: Reuters
Subediting: M. S. Salama