Lok Sabha Question No. 1007 (UNSTARRED), answered on 2023-02-08
Subject: Data of Foreign Trade
Ministry: COMMERCE AND INDUSTRY
Asked by: Dayanidhi Maran

## GOVERNMENT OF INDIA MINISTRY OF COMMERCE & INDUSTRY (DEPARTMENT OF COMMERCE)

## LOK SABHA UNSTARRED QUESTION NO. 1007 TO BE ANSWERED ON 08 TH  FEBRUARY,2023

## DATA OF FOREIGN TRADE

## 1007.   SHRI DAYANIDHI MARAN:

Will the Minister of COMMERCE & INDUSTRY be pleased to state:

- (a) the details of the latest data in figures available for foreign trade for the last twelve months and the details of revisions made to the estimates;
- (b) whether the deviation or revisions were of significant difference and if so, the reasons therefor and the details of the impact of such revisions on trade policy formulation;
- (c) the months that witnessed the most revisions along with the reasons and data thereof;
- (d) whether the Ministry has taken note of media reports of rating firms and economists raising issues with such large discrepancies in data for the monthly and cumulative accounts for revisions;
- (e) whether any action has been taken to verify the same and if so, the details thereof; and
- (f) the observations made by the RBI and other financial institutions on these revisions, their impact on policy making, trade deficit and on the increases in the merchandise trade data and others along with the details in this regard?

## ANSWER

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## THE MINISTER OF STATE IN THE MINISTRY OF COMMERCE AND INDUSTRY (SMT. ANUPRIYA PATEL)

- (a) to  (c): The details of the export and import, released at different stages for the last twelve months are as follows:

(Value in US$ million)

| Month           | Value of import at the time of release of   | Value of import at the time of release of   | Value of import at the time of release of   | Value of export at the time of release of   | Value of export at the time of release of   | Value of export at the time of release of   |
|-----------------|---------------------------------------------|---------------------------------------------|---------------------------------------------|---------------------------------------------|---------------------------------------------|---------------------------------------------|
| Month           | Press Release                               | Principal Commodity Level data              | 8 digit HS level data (MSFT)                | Press Release                               | Principal Commodity Level data              | 8 digit HS level data (MSFT)                |
| December, 2021  | 59.5                                        | 59.8                                        | 59.8                                        | 37.8                                        | 39.2                                        | 39.2                                        |
| January, 2022   | 51.9                                        | 53.1                                        | 52.3                                        | 34.5                                        | 35.1                                        | 35.2                                        |
| February, 2022  | 55.4                                        | 57.0                                        | 55.7                                        | 34.6                                        | 37.1                                        | 37.1                                        |
| March, 2022     | 60.7                                        | 62.8                                        | 63.0                                        | 42.2                                        | 44.5                                        | 44.5                                        |
| April, 2022     | 60.3                                        | 60.2                                        | 60.2                                        | 40.2                                        | 39.8                                        | 39.8                                        |
| May, 2022       | 63.2                                        | 63.2                                        | 63.3                                        | 38.9                                        | 39.0                                        | 39.1                                        |
| June, 2022      | 66.3                                        | 66.6                                        | 66.3                                        | 40.1                                        | 42.4                                        | 42.4                                        |
| July, 2022      | 66.3                                        | 66.3                                        | 66.3                                        | 36.3                                        | 38.4                                        | 38.5                                        |
| August, 2022    | 61.9                                        | 63.6                                        | 63.6                                        | 33.9                                        | 36.9                                        | 36.9                                        |
| September, 2022 | 61.2                                        | 64.0                                        | 64.0                                        | 35.4                                        | 36.9                                        | 35.4                                        |
| October, 2022   | 56.7                                        | 59.0                                        | 59.0                                        | 29.8                                        | 31.4                                        | 31.5                                        |
| November, 2022  | 55.9                                        | 58.2                                        | 58.2                                        | 32.0                                        | 34.8                                        | 34.8                                        |

Source: DGCI&S. MSFT-Monthly statistics on foreign trade

The foreign trade data are released in three stages 1.  Press release (15th day of the following month), 2. Provisional Data release for 168 Principal Commodities (25th Day of the following month) and 3. Final data at ITC-HS 8 digit level (45th Day of the following month).

As per Dynamic Data Revision Policy, implemented with effect from 2009-10, releasing the data of a particular month, the data of the previous months (both for principal commodities and 8-digit HS codes) will also be revised by taking into account the late receipt data (including corrections, if any) in the respective months, which were received after the initial release of data for that month. This will establish comparability as monthly data, if added up from April to any particular month will tally with the cumulative figures shown against that month in the latest monthly data release.

(d) and (e): The Department of Commerce has taken note of media reports on data discrepancies, The  efforts at ensuring data availability with minimal discrepancies is a continuous process.

(f): Data revisions is  a  regular  practice  in  the  realm  of  official  statistics  like  GDP  released  by National Statistical Office (NSO) and Balance of Payment data including services foreign trade data released by RBI. Release of trade data in three stages follows this practice in official statistical system in order to provide quick estimates and provisional estimates with minimum time lag to help evidence based policy making, monitoring and policy review and taking corrective measures without waiting for final release of foreign trade data with a time lag of 45 days.

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