Government Establishes Committee to Ensure Consistent Gold Import Data Publication Following Reporting Errors

The government has established a committee to address discrepancies in gold import data. This group includes officials from commerce and customs departments. The aim is to develop a reliable system for publishing accurate data after errors were found in the figures. The Commerce Ministry noted that the transition from the SEZ system to ICEGATE led to double counting of precious metal imports.

Representative image

Due to this transition, both imports into SEZs and their clearance into the domestic tariff area were mistakenly counted as separate transactions. This prompted the formation of a committee with members from the Directorate General of Commercial Intelligence and Statistics (DGCIS), DG Systems CBIC, and SEZs. Their task is to create a consistent data publication mechanism.

Gold Import Data Revision

The government has revised gold import figures, reducing November's numbers by USD 5 billion to USD 9.84 billion. According to updated data from DGCIS, excess imports of approximately USD 11.7 billion were recorded during the first eight months of 2024-25. This revision followed an unusual surge in gold imports in November 2024, which led to record imports of USD 69.95 billion and a trade deficit of USD 37.84 billion.

The Commerce Ministry began investigating potential calculation errors after noticing this spike. The provisional Quick Estimates (QE) for November 2024 were released on December 16, 2024. Upon observing the surge, DGCIS collaborated with DG Systems, CBIC for a detailed examination.

Data Collection and Transmission

Kolkata-based DGCIS 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. However, due to technical issues, the migration to ICEGATE is incomplete. Both SEZ Online and ICEGATE continue capturing exclusive EXIM data for DGCIS.

International Data Standards

The ministry explained that DGCIS revises data based on late submissions or necessary corrections. Recently uploaded principal commodity level data at the DGCIS Portal reflects initial reconciliations. Revisions cover trade figures from April to November 2024, adhering to international data dissemination norms.

Globally, revisions are part of statistical procedures. Initial estimates are often amended for accuracy as more information becomes available. The statistical system aims to balance quality, accuracy, and timeliness while addressing fixed revisions and unscheduled corrections when new data emerges.

Think Tank's Perspective

The Global Trade Research Initiative (GTRI) commented on the ministry's statement. They suggested that if DGCIS receives SEZ import data from both ICEGATE and SEZ online systems with issues in ICEGATE data, cross-checking would be prudent before generating quick estimates.

"As a matter of practice transactions reporting import from SEZ to DTA are identified during preliminary checking and excluded before processing," GTRI stated.