Is November trade data 'Gold standard'?
«On noticing the unusual surge, the DGCIS (Directorate General of Commercial Intelligence and Statistics) has taken up a detailed examination of the gold import data. Reconciliation of the data will be done, hopefully within this month,» a commerce and industry ministry official said on condition of anonymity. Trade data for November 2024 may undergo revision following the reconciliation.
A trade expert, who did not wish to be identified, said details of imports can be cross-verified with bills of entry, forex outgo and import duty payment-all of which are well documented on the Electronics Data Interchange system.
«Even if warehoused (which gold invariably is), it is well documented both at the time of entry into the warehouse and when cleared from the warehouse,» said the person, questioning the move.
All-time high
Official data released on Monday showed that gold imports in November touched an all-time high of $14.8 billion, widening the trade deficit to a record $37.84 billion. Imports increased 27% year-on-year to a record $69.95 billion while exports contracted 4.85% to $32.11 billion.
Data Analysis
Learn Power BI with Microsoft Fabric: Complete Course
By — Prince Patni, Software Developer (BI, Data Science)
Office Productivity
Advanced Excel Course — Financial Calculations & Excel Made Easy
By — Anirudh Saraf, Founder- Saraf A & Associates, Chartered Accountant
Entrepreneurship
Marketing & Sales Strategies for Startups: From Concept to Conversion
By — Dr. Anu Khanchandani, Startup Coach with more than 25
