The central government has revised downwards the import data for precious metals such as gold and silver by $11.69 billion and $950 million, respectively, during the first eight months of the financial year (2024-25), Directorate General of Commercial Intelligence and Statistics (DGCI&S) data showed.
The decline in gold imports, in terms of value, amounted to a substantial $11.69 billion, reducing the total to $37.39 billion during April-November.
The government has also revised the electronics import value for this period downward by $2.7 billion to $61.2 billion. It said the latest figures could further be revised.
According to the data released on December 16, the cumulative import of the yellow metal was initially reported as $49 billion. The most sizeable revision was in November when gold imports were reduced by $5 billion to $9.8 billion. In the case of silver, the revision was smaller. Imports were reduced to $480 million from $660 million in November. On a cumulative basis, silver imports declined by $950 million to $2.33 billion, the data showed.
DGCI&S, which operates under the administrative control of the Department of Commerce, compiles and disseminates India’s merchandise trade statistics. Data compiled by DGCI&S is also shared with global agencies such as the World Trade Organization and the International Monetary Fund.
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The revision in data is attributed to a calculation error caused by the double counting of gold shipments in warehouses. An official statement from the Department of Commerce on Thursday said that the data revision was necessary due to the ‘migration of data transmission mechanism’ from the National Securities Depository (NSDL) — which captures Special Economic Zone (SEZ) data — to the Indian Customs Electronic Gateway (ICEGATE). Due to this shift starting from July 1, the system double-counted imports by treating imports into SEZs and the subsequent clearance of these shipments into the domestic market as separate transactions.
DGCI&S receives trade data from more than 500 locations. The export-import (exim) data from over 100 SEZs was previously captured by the SEZ Online system, while trade data for all other ports — non-SEZ locations — was captured by the
ICEGATE system.
“Both systems (i.e., ICEGATE and SEZ Online) were transmitting the exim data separately to DGCI&S for publishing foreign trade statistics. However, based on a decision to shift exim declarations from SEZ Online to the ICEGATE system, the exim data pertaining to SEZs, as well as all other ports, is now being captured and transmitted by ICEGATE to DGCI&S,” the department said.
The department added that due to ongoing technical glitches, the data migration is still incomplete.
“Both SEZ Online and ICEGATE are still capturing and transmitting mutually exclusive exim data to DGCI&S,” it said.
The shift from NSDL to ICEGATE, however, was intended to streamline the reporting of import data.
A committee has been formed with stakeholders from DGCI&S, the Directorate General of Systems, and SEZs to create a robust mechanism for publishing consistent data.
Gold import data is closely monitored by investors and policymakers alike and also impacts the country’s current account deficit. Gold accounts for over 5 per cent of India’s total imports. India is the world’s second-largest gold consumer after China and imports gold from countries such as Switzerland, the United Arab Emirates, and South Africa.
Delhi-based think tank Global Trade Research Initiative (GTRI) observed that data adjustments have considerable implications for trade policy, revenue calculations, and economic planning.
“Ensuring more accurate and timely data collection, minimising reporting errors, and improving verification mechanisms will be essential to avoid such large-scale corrections in the future and to provide a clearer picture of India’s trade performance,” GTRI said in a report.
The Department of Commerce further said that DGCI&S periodically revises and corrects data based on late-received information, making amendments in the respective months and qualitative corrections where necessary.
“Revisions have been made for trade figures from April 2024 to November 2024, which are made public in compliance with the regular publication cycle maintained as per international standard data dissemination norms. The revised data can be accessed through the data dissemination portal of DGCI&S,” it said, adding that internationally, revisions and corrections are an inherent part of any statistical procedure.
“Worldwide, official statistics are released and are subject to subsequent corrections and revisions as per updated and additional information. As a statistical system, the main objective is to maintain a balance between data quality, accuracy, and timeliness. Apart from this, fixed revisions and unscheduled corrections are also obligations of the statistical system as and when more data become available,” it said.