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The Union Ministry of Commerce revised gold import figures for November by $5 billion.

Recent revision in gold import figures for November 2024

The Union Ministry of Commerce and Industry revised the gold import figures for November 2024 down by $5 billion. Initially, the value was reported at $14.8 billion, but it was corrected to $9.9 billion.

This revision came after a counting error, which likely occurred due to the migration of data from SEZ Online to the Indian Customs Electronic Gateway (ICEGATE). The error resulted in the double counting of imports into Special Economic Zones (SEZs) and clearances to Domestic Tariff Areas (DTAs).

The revision in gold import data narrowed India's overall trade deficit for November from $38 billion to $33 billion.

Gold Import

In 2023-24, India imported nearly $49 billion worth of gold, making it the second-largest importer in the world. This accounted for over 9% of the world's gold imports.

India imports gold from many countries, including: 

• Switzerland 
• The United Arab Emirates 
• Peru 
• African countries 

India's demand for gold increases during the festival and wedding season in the December quarter. In 2024, gold delivered better returns than stocks, which drove increased demand for coins and bars. 

The government cut the import duty from 15% to 6% in the Union Budget in July 2024.

The Reserve Bank of India (RBI) governs the import of gold and gold bars to India. Any Indian citizen with a valid passport can import gold.

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Source: 

Indian Express