India's Gold, Silver, Electronics Import Data Revised: GTRI

New Delhi, Jan 9 (PTI) The revision of data by the commerce ministry's arm DGCIS is reflecting adjustments in the imports of gold, silver, and electronics for the period from April to November 2024, think tank GTRI said on Thursday.

Global Trade Research Initiative (GTRI) said the revisions highlight discrepancies in earlier data reporting and underscore the need for accurate trade documentation, especially in high-value commodities like gold.

The government should share the details of why such large-scale revisions were needed, GTRI founder Ajay Srivastava said.

According to the GTRI report, India's electronics imports for April to November 2024 were revised from USD 63.9 billion to USD 61.2 billion, a reduction of USD 2.7 billion.

In November 2024, electronics imports were adjusted from USD 7.6 billion to USD 7.2 billion.

Similarly, it said, the country's silver imports during April-November 2024 were revised down from USD 3.28 billion to USD 2.33 billion, marking a USD 0.95 billion drop.

For November 2024, silver imports reduced by USD 0.18 billion from USD 0.66 billion to USD 0.48 billion, the think tank added.

On gold, it said that there has been a downward revision of the imports of yellow metal from different countries during April-October 2024.

It said that imports from the UAE revised from USD 11.63 billion to USD 7.98 billion, a drop of USD 3.65 billion.

From Switzerland, the inbound shipments were reduced by USD 1 billion, from USD 9.45 billion to USD 8.45 billion during the first seven months of this fiscal.

From South Africa, the revised import data showed a dip of USD 1.07 billion, from USD 3.45 billion to USD 2.38 billion.

The imports from Australia now stand at USD 1.05 billion during April-October this fiscal from USD 1.53 billion, and from Hong Kong, the imports were cut by USD 0.33 billion, from USD 1 billion to USD 0.67 billion, it added.

"Data adjustments have significant implications for trade policy, revenue calculations, and economic planning. Ensuring more accurate and timely data collection, minimising reporting errors, and improving verification mechanisms will be essential to avoid such large-scale corrections in the future and to provide a clearer picture of India's trade performance," he said.