India’s record gold imports last month were reportedly due to a miscalculation. The Indian government is re-examining the surge in gold imports that widened India’s trade deficit.

According to a report in Bloomberg, the surge in gold imports that pushed the rupee to an all-time low was due to a miscalculation. According to the report, officials double-counted gold shipments to warehouses. The data could have been overestimated by as much as 50 tonnes in November, which is almost 30 percent of total gold imports for the month.

Meanwhile, Reuters reported that India’s Directorate General of Commercial Intelligence and Statistics (DGCIS) has made a “detailed examination of the gold import data and reconciliation would be done with the data” received by the tax department

Trade figures are likely to be revised if an error is identified, and traders could expect an exchange rate correction. In addition, it could also calm concerns about the state of the economy sparked by the data, the report said.

India’s trade deficit widened to $37.8 billion in November, boosted by a surge in gold imports to a record $14.8 billion from just $3.44 billion a year ago. Although gold imports have gradually increased, the unprecedented increase has puzzled analysts.

The report said officials are likely to have tallied imports held by custodians in free zone warehouses with accounts reported by domestic banks that buy gold from custodians. Gold is considered an import only after it leaves the warehouse.

The report added that global gold imports could still be within the 800-1,000 tonnes that India ships annually.