Ministry of Commerce and Industry revises trade data following reconciliation

The Ministry of Commerce on Thursday, January 9, 2025, revised its trade data for November after reconciling discrepancies stemming from an unusual surge in the reported imports of precious metals. Today’s revision in trade data comes a day after the ministry revised its gold import numbers for November to $9.84 billion. The total for January to November was corrected from 796 tonnes to 664 tonnes.

According to a government release, the anomalies in trade data were due to double-counting during the migration of the data transmission mechanism, a technical glitch that remains unresolved.

The initial trade data for November revealed an unexpected spike in precious metal imports, prompting authorities to review and reconcile the figures. The ministry clarified that the surge was the result of errors in the transmission system caused by the ongoing migration of data processes.

To address this issue, the government has formed a dedicated panel tasked with developing a more robust mechanism for publishing consistent and accurate trade data. This step is aimed at preventing similar incidents in the future and ensuring transparency in the reporting of India’s trade statistics.

Officials have stated that the migration of the data transmission mechanism is still incomplete, owing to persistent technical challenges.

In December 2024, CNBC-TV18 reported that the unusual surge in gold imports, along with discrepancies in data from Metals Focus, led the Directorate General of Commercial Intelligence and Statistics (DGCIS) to launch a detailed investigation.