India updates trade index base year to FY23 to better capture new-age trade trends

According to the statement made by the Directorate General of Commercial Intelligence and Statistics, India has revised the base year for core goods trade indices to Financial Year 2022-23. This move aims to align official price and volume indicators with the country’s rapidly developing trade structure and global trade patterns.

The updated series replaces the previous FY 2012-13 base, reflecting major changes in commodity mix, supply chains, technology intensity and relative prices over the past decade. The change will make export and import indices better representative of current trade realities and increase the usefulness of these indices for policymakers, analysts and businesses tracking foreign industry trends, officials said.

Revision, Prof. It follows the recommendations of an expert committee chaired by Nachiketa Chattopadhyay, which reviewed the methodology, scope, weighting structure and compilation practices to align them with international statistical standards.