Trade statistics reported through the official sources may not provide the right information because a regulated system does not induce truthful revelation. Hence, policy prescriptions or evaluations based on official statistics can be misleading. We adopt the well-known methodology of utilising partner country statistics to reflect on the consequences of devaluations of Indian rupee in 1960s and 1990s on exports, imports and Balance of Trade. First tractable analytical results are developed and then attempts are made to match them with the empirical evidence.