Commerce ministry to bring SoP for data collection amid concerns over gold import mismatch

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Subscribe to enjoy similar stories. New Delhi: The commerce ministry is preparing the standard operating procedure (SoP) for data collection to address discrepancies in import data, a top government official said, after mismatches in gold import figures reportedly embarrassed the government. Unprecedented gold imports recorded in November contributed to a record goods trade deficit of $37.8 billion.

This was the highest merchandise trade deficit in India's history, widening sharply from the $20.6 billion shortfall recorded during the same period in the previous year. The figure also far exceeded market expectations, which had anticipated a deficit of around $23 billion. Prior to the revision of gold import data, the import value of the yellow metal was reported at $14.8 billion.

However, after the revision earlier this month, the figure was significantly reduced to $9.8 billion, marking a sharp decrease of $5 billion from the initially announced amount. This development has amplified worries about India's trade imbalance and underscored the need for more robust data governance to ensure transparency and reliability in reporting. The import of gold in the first three quarters (April-December 2024) of the current fiscal stood at $47.09 billion, compared to $35.95 billion during the same period in the previous fiscal year, reflecting an increase of 30.96%.

The import of gold in December stood at $4.7 billion, the commerce ministry data showed. The SoP initiative follows reports of inconsistencies in import records, particularly in the gold sector, where discrepancies in quantity and value have raised questions about the reliability of trade data. According to commerce secretary Sunil Barthwal, the SoP will involve