Government Establishes Committee to Improve Accuracy of Gold Import Data Publication Following Errors

The government has established a committee to address discrepancies in gold import data. This group includes officials from commerce and customs. The aim is to develop a reliable system for publishing consistent and accurate data after errors were found in gold import figures.

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Due to a shift in the data transmission system from SEZ to ICEGATE, there was double counting of gold imports. This occurred because both imports into SEZ and their clearance into the domestic tariff area were counted separately. The committee will include stakeholders from DGCIS, DG Systems CBIC, and SEZs to ensure accurate data publication.

Gold Import Data Revision

The government has revised gold import figures, reducing November's numbers by USD 5 billion to USD 9.84 billion. The Directorate General of Commercial Intelligence and Statistics (DGCIS) revealed that since April 2024, excess imports amounted to about USD 11.7 billion over eight months. This revision followed an unusual surge in November 2024 imports, leading to a record USD 69.95 billion import and a trade deficit of USD 37.84 billion.

The commerce ministry began investigating potential calculation errors in the gold import data after noticing this spike. The provisional Quick Estimates (QE) of EXIM data for November 2024 were released on 16th December 2024. Upon observing the surge, DGCI&S collaborated with DG Systems, CBIC for a detailed examination.

Data Collection and Transmission

DGCIS, based in Kolkata, is responsible for collecting and disseminating India's trade statistics. It receives trade data from over 500 locations daily, including seaports, land ports, airports, and inland container depots. Previously, EXIM data from more than 100 SEZs was captured by the SEZ online system, while non-SEZ locations used ICEGATE.

Both systems transmitted data separately to DGCIS for foreign trade statistics publication. A decision was made to shift EXIM declarations from SEZ online to ICEGATE. However, technical issues have delayed complete migration. Currently, both systems still capture and transmit exclusive EXIM data to DGCIS.

Data Revisions and Corrections

The ministry explained that DGCIS revises and corrects data periodically based on late submissions, amendments, and necessary qualitative corrections. Recently uploaded principal commodity level data at the DGCIS Data Dissemination Portal reflects initial reconciliations.

Trade figures from April 2024 to November 2024 have been revised according to international standard data dissemination norms. Globally, revisions are part of statistical procedures. Initial estimates are often amended for accuracy as more information becomes available.

The ministry emphasised that maintaining a balance between data quality, accuracy, and timeliness is crucial in statistical systems. Fixed revisions and unscheduled corrections are obligations when new data emerges.