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INDIA: India’s Record Gold Import Said to Be Due to Calculation Error (BBG)

INDIA
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Citing peopel familiar with the matter, Bloomberg report that a surge in gold imports that widened India’s trade deficit to a record last month was due to an error in calculation. 

  • It adds that officials double-counted gold shipments in warehouses following a change in methodology in July and that attempts are on to reconcile the data, which could have been over-estimated by as much as 30% of total imports of the precious metal that month.
  • As a reminder, India’s trade deficit rose to an unprecedented $37.8bln in November, driven by a four-fold increase in gold imports to a record $14.8bln from just $3.44bln a year ago. 
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Citing peopel familiar with the matter, Bloomberg report that a surge in gold imports that widened India’s trade deficit to a record last month was due to an error in calculation. 

  • It adds that officials double-counted gold shipments in warehouses following a change in methodology in July and that attempts are on to reconcile the data, which could have been over-estimated by as much as 30% of total imports of the precious metal that month.
  • As a reminder, India’s trade deficit rose to an unprecedented $37.8bln in November, driven by a four-fold increase in gold imports to a record $14.8bln from just $3.44bln a year ago.