What’s in the news?
- India’s foreign trade data for the first eight months of 2022-23 has been significantly revised, with the import bill being scaled up or down by at least $2 billion in each of those months, in comparison to the preliminary estimates issued by the Ministry of Commerce.
- Total merchandise exports between April and November are now pegged at $298.3 billion, nearly $12 billion higher than original monthly data suggested.
- The import bill in those eight months is now estimated to be $493.5 billion, about $1.7 billion higher than initial numbers. The trade deficit in the first eight months of the year is $10 billion lower than indicated by adding up monthly preliminary estimates.
- Economists said that such wide variations in data are unusual and make it difficult to formulate appropriate policies, especially when a critical focus area for the economy is managing the widening current account deficit, fuelled by rising imports and a feared slowdown in exports amid a global recession.