India’s gold imports in December 2024 plummeted by half to $4.7 billion, compared month-on-month to November’s sharply lowered import figure of $9.8 billion (after last week’s data revision), amidst the government’s assurance of better coordination between departments to ensure “robust data”.

Meanwhile, India’s overall goods exports in December 2024 contracted (year-on-year) for the second straight month, falling 1 per cent to $38.01 billion, pulled down mostly by petroleum products and gems & jewellery, per quick estimates shared by the Commerce Department on Wednesday.

Widening Deficit

Imports in December 2024 rose 4.9 per cent (year-on-year) to $59.95 billion with trade deficit widening to $21.94 billion from $18.76 billion in December 2023. The trade deficit, however, was the narrowest in the last three months compared sequentially.

While gold imports worth $4.7 billion in December 2024 were lower significantly compared to the previous month’s inflows, it was 55.39 per cent higher than imports worth $3.02 billion in December 2023.

“Let me assure that from now onwards, we are creating very good SOPs (standard operating procedures) which are now under formation. A committee is already there which is looking into an SOP that will ensure that there is better coordination between DGCIS and DG Systems. So now you will always have robust data,” Commerce Secretary Sunil Barthwal said at a press briefing.

• Also read: NARCL sole bidder at ₹12,000 crore for Jaiprakash Associates, resolution likely by end of this quarter

The government is also working to develop a data analytics platform with the help of artificial intelligence (AI) to get much better insights into the country’s trade figures, Barthwal said.

On January 9, the Commerce Department said in a statement that due to the migration of the data transmission mechanism from SEZ to ICEGATE, some double counting had taken place for precious metals (largely gold). Gold import figures were pared by $5 billion in November 2024 and by $11.7 billion in April-November 2024.

During April-December 2024, exports grew 1.6 per cent to $321.71 billion and imports by 5.15 per cent to $532.48 billion, widening trade deficit to $210.77 billion from $189.74 billion in the same period last fiscal.