Data Revision
India's goods trade data for Nov may be subject to revision, says fin min
This story was originally published at 18:33 IST on 26 December 2024
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--Fin min: India's Nov merchandise trade data may be subject to revision
NEW DELHI – India's merchandise trade data for November may be subject to revision, the finance ministry said on Thursday. The finance ministry's remark comes at a time when the Directorate General of Commercial Intelligence and Statistics has started a detailed re-examination of the trade data after noticing an unusual surge in the gold import print for November.
India's gold imports rose to a record high of $14.8 billion last month, pushing the inbound shipments to an all-time peak of $69.95 billion. India's trade deficit, at $37.84 billion, was also the highest in November.
The finance ministry, in its monthly economic review for November, mentioned the likely revision in the footnotes of the section on the external sector performance that referred to the month's trade data. Such a footnote had not been seen previously in the monthly economic reviews.
Although the Directorate General of Commercial Intelligence and Statistics keeps revising the trade data throughout the year, the revisions are not large. The recent re-examination exercise undertaken by the DGCI&S is different from usual.
The DGCI&S would match the trade data with the data received by the Central Board of Indirect Taxes and Customs, a commerce ministry official had said. There is a possibility of major revision in Apr-Nov trade data, the official had told Informist.
For Apr-Nov, India's merchandise trade deficit was $202.42 billion, higher than $170.98 billion a year ago. Exports in the first eight months of the fiscal year totalled $284.31 billion, up 2.2% on year, while imports rose 8.3% to $486.73 billion during this period. End
US$1 = INR 85.26
Reported by Krity Ambey
Edited by Akul Nishant Akhoury
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