The Directorate General of Commercial Intelligence and Statistics (DGCI&S) under the Ministry of Commerce and Industry has revised the base year of India’s Merchandise Trade Indices to FY2022-23 (2022-23 = 100) from FY2012-13 to better reflect the current trade structure and global patterns.Merchandise Trade Indices measure changes in the unit values, or prices, of India’s exports and imports over time. They are widely used for economic analysis, national accounts compilation and assessment of terms of trade. The revision follows the recommendations of a committee chaired by Prof. Nachiketa Chattopadhyay of the Indian Statistical Institute, which reviewed methodology, data coverage, weighting structure and compilation practices in line with international best practices.
Under the revised series, the commodity basket has been reviewed at the principal commodity level to better capture emerging and declining trade items. Weights have been updated using FY2022-23 trade values to reflect current value shares in exports and imports. Methodological refinements include improved procedures for selecting the common commodity basket and for handling missing unit values.
The updated framework covers monthly, quarterly and annual export and import unit value indices; principal commodity- and SITC classification-wise indices; broad economic categories-wise indices; bilateral and region-wise indices for India’s top 20 trade partners; and measures of gross, net and income terms of trade.Also read: India to use AI analytics to calculate trade dataThe revision comes amid significant changes in India’s trade basket over the past decade, driven by new commodities, technological advances and global supply chain shifts. The updated indices will be released on the DGCI&S website along with detailed methodological documentation.
Source link
