Government Initiative on Export-Import Data Mechanism

The government has initiated a strategic move by setting up a committee aimed at establishing a consistent mechanism for publishing export-import data. This development follows a significant downward revision of the gold and silver imports data for the period of April-November FY25.

Background and Issue

• A technical glitch was identified in the data transmission from the Special Economic Zone (SEZ) portal to the Indian Customs Electronic Gateway (Icegate).
• This glitch led to calculation errors, affecting the accuracy of trade data.

Formation of the Committee

• The committee includes stakeholders from the Directorate General of Commercial Intelligence and Statistics (DGCIS), DG Systems (CBIC), and special economic zones.
• The goal is to create a robust mechanism for publishing consistent trade data.

Role of DGCIS

• DGCIS is tasked with collecting, compiling, and disseminating India’s trade statistics and commercial information.

Data Revision

• An "unusual surge" in imports of precious metals prompted a reconciliation exercise by DGCIS and DG (Systems), CBIC.
• The revision showed an overestimation of approximately $11.7 billion in gold imports for April-November.