Merchandise Trade Indices
Purpose and Methodology
Merchandise Trade Indices are price index numbers that track changes in the unit values (effective prices) and volumes of a country's exports and imports over time. India compiles two primary trade indices: the Export Price Index (EPI) and the Import Price Index (IPI), along with volume indices derived from deflating value data by the price indices. The ratio of EPI to IPI gives the Terms of Trade (ToT) — a key measure of whether a country's export purchasing power relative to its imports is improving or deteriorating. The base year revision to FY23 ensures these indices reflect contemporary trade composition rather than the decade-old 2012-13 basket.
- Compiled by: DGCI&S (Directorate General of Commercial Intelligence and Statistics), Kolkata, under the Ministry of Commerce and Industry.
- Two core indices: Export Price Index (EPI) and Import Price Index (IPI).
- Previous base year: FY 2012-13 (= 100); new base year: FY 2022-23 (= 100).
- Method: Unit value indices (derived from trade value and quantity data) using Laspeyres or Fisher formula — aligned with UN guidelines on trade indices.
- Usage: National accounts (GDP deflation), Terms of Trade assessment, trade policy analysis, IMF reporting.
● Tracked since February 20, 2026 · last seen February 20, 2026 · updates as the daily brief publishes