Gold Counting Error: Commerce Ministry Clarifies Double-Counting Mistake Due To Data Migration

The Commerce and Industry Ministry has stepped forward to explain a major mix-up in gold import figures reported between April and November 2024. On Thursday, the ministry revealed that the overestimation was caused by a technical glitch during the migration of data transmission systems. The issue led to double counting of gold imports, first when they entered Special Economic Zones (SEZs) and then again when they were cleared into domestic tariff areas (DTAs).

This clarification comes after the ministry revised November’s gold import numbers from $14.8 billion to $9.9 billion, resulting in a $5 billion correction. The change also narrowed India’s overall goods trade deficit for November from $38 billion to $33 billion. On December 24, The Indian Express published a report stating this transition in data systems was behind the error.

Explaining the problem, the ministry said the issue arose from the migration of data from SEZ Online to the Indian Customs Electronic Gateway (ICEGATE) system. Previously, SEZ-related trade data was recorded separately by SEZ Online, while data from other ports was captured by ICEGATE. When the decision was made to shift all SEZ EXIM declarations to ICEGATE, a technical glitch caused both systems to continue transmitting data for SEZs separately, leading to duplicate entries.

The Directorate General of Commercial Intelligence and Statistics (DGCI&S), which handles trade data for over 500 locations and processes nearly 2.5 lakh daily transactions, was affected by this migration issue. The ministry clarified that this glitch has not been fully resolved yet, which means SEZ Online and ICEGATE are still operating side-by-side and submitting separate datasets.

What is being done to rectify the situation?

The DGCI&S regularly revises the trade data whenever late submissions, amendments, or quality corrections are needed. The most recent corrections cover trade data spanning from April to November 2024 and the same has been incorporated into DGCIS Data Dissemination Portal for public access.

To prevent any future discrepancies, the ministry has formed a committee involving stakeholders from DGCI&S, and DG Systems (CBIC), and SEZs to develop a reliable mechanism for consistent data reporting. “The revisions ensure compliance with international standards for data dissemination,” the ministry has stated putting focus on the significance of accuracy in trade figures.