Trade data overhaul: FY23 set as new benchmark for export-import indices. What changes & why

The Ministry of Commerce & Industry has revised the base year of India’s Merchandise Trade Indices to FY 2022-23, replacing the earlier FY 2012–13 base, in a move aimed at better reflecting the country’s changing trade structure and global patterns .  

The Directorate General of Commercial Intelligence and Statistics (DGCI&S), which compiles and publishes the indices, said the revision aligns the data with structural shifts in the economy, evolving commodity composition and global supply chain changes. The updated series adopts 2022-23 as the new base year (2022-23 = 100).  

The overhaul follows the recommendations of a committee chaired by Prof. Nachiketa Chattopadhyay of the Indian Statistical Institute, Kolkata. The panel reviewed the existing methodology, data coverage and weighting structure, and suggested refinements in line with international best practices .  

What changes in the revised series  

The revised indices feature an updated commodity basket at the Principal Commodity level to better capture emerging and declining trade items. Weights have been recalibrated using trade values from the new base year to reflect current export and import shares.  

Methodological improvements include a refined procedure for selecting a common commodity basket and clearer treatment of missing unit values during base year selection, as detailed in the committee’s report .  

The new series will publish monthly, quarterly and annual Export and Import Unit Value Indices, alongside Principal Commodity-wise, SITC-wise, and Broad Economic Categories-wise indices. It will also include bilateral and region-wise trade indices for India’s top 20 export and import partners, as well as measures of gross, net and income terms of trade .  

Why the revision matters  

Officials noted that India’s trade basket has undergone substantial change over the past decade due to technological advancements, new commodities and global supply chain restructuring. The earlier base year no longer adequately reflected the prevailing trade structure, prompting the update .  

The indices are widely used by policymakers and institutions. The National Accounts Division uses export and import unit value indices as deflators for estimating real exports and imports in GDP calculations, while the Reserve Bank of India relies on them for balance of payments analysis and assessing external sector competitiveness .  

Latest numbers  

Data for FY 2025-26 (April-November), presented in the release, show export unit value indices at 100.33 in the first quarter and 101.23 in the second quarter. Import unit value indices stood at 94.08 in the first quarter and 101.93 in the second quarter.  

On the quantity side, export quantity indices were 101.91 in the first quarter and 105.57 in the second, while import quantity indices were higher at 125.17 and 124.32, respectively .  

The revised Merchandise Trade Indices and detailed methodological documentation will be made available on the DGCI&S website, the ministry said.