Data revision: Commerce ministry cuts Nov gold imports data by USD 5 bn to USD 9.84 bn

New Delhi, Jan 8 (PTI) The commerce ministry has revised downwards the gold import data by USD 5 billion to USD 9.84 billion for November, according to the Directorate General of Commercial Intelligence and Statistics (DGCIS).

The DGCIS is an arm of the Ministry of Commerce.

As per the ministry data released last month, the country’s gold imports in November reached a record high of USD 14.86 billion, registering a four-fold increase.

Noticing this unusual surge, the commerce ministry was examining if there were any calculation mistake in the compilation of the gold imports data for the month, as the sharp surge pushed the trade deficit to a record last month.

The jump in gold imports pushed the country’s trade deficit (difference between imports and exports) to a record USD 37.84 billion in November.

Kolkata-based DGCIS is an organisation for the collection, compilation and dissemination of India’s trade statistics and commercial information.