Commerce Ministry Probes Suspected Errors in Gold Import Data

ENA Sectors 2024-12-20 15:26:10 New Delhi, Dec 20 (KNN) The Commerce Ministry may face a scenario reminiscent of 2011, when a USD 9 billion discrepancy in trade data for the April-November period revealed flaws in data compilation. This time, the spotlight is on a suspected error in November 2024 gold import figures, raising concerns about the accuracy of the countrys trade statistics. November saw Indias gold imports surge to an unprecedented USD 14.86 billion, a 331 per cent year-on-year increase driven by festival and wedding demands. This spike pushed the countrys trade deficit to a record USD 37.84 billion for the month. However, the Directorate General of Commercial Intelligence and Statistics (DGCI&S) has flagged the figures for detailed scrutiny, citing a potential miscalculation. Reconciliation of the data with inputs from the Central Board of Indirect Taxes and Customs (CBIC) is underway. In 2011, a similar discrepancy arose from over-reported export figures caused by software misclassifications and double counting during an upgrade. While some trade experts and jewellers suggest double counting of gold import data is unlikely, others, including the Global Trade Research Initiative (GTRI), suspect internal movements within India, such as to SEZs or EOUs, might have been misclassified as imports. The government must address these concerns to ensure trust in data integrity, GTRI founder Ajay Srivastava said, emphasising the need for stringent verification by DGCI&S and CBI, reported Business standard. . Indias trade data is primarily collected through the Indian Customs EDI System (ICES), which handles 98 per cent of trade consignments electronically. The remaining 2 per cent comes from non-EDI ports, where data collection is manual. All data flows through ICEGATE, the customs portal integrated with various agencies, including DGCI&S. Processed trade data is analysed and published by DGCI&S, ensuring consistency before it reaches policymakers. Any correction in Novembers gold import figures could significantly lower the trade deficit, underscoring the importance of robust data reconciliation processes. The ministrys findings, expected soon, will determine whether the November data surge reflects actual trade activity or a statistical anomaly. (KNN Bureau) 40328 https://knnindia.co.in/news/newsdetails/sectors/commerce-ministry-probes-suspected-errors-in-gold-import-data 2024-12-20 15:26:10 knnindia.co.in Commerce Ministry Probes Suspected Errors in Gold Import Data