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Indias share in world trade touches 1.5 percent
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Indias share in world trade touches 1.5 percent

Indias share in world trade has gone up by 0.4 percent since 2004, according to the latest information published in the World Trade Statistics by the World Trade Organisation (WTO).

New Delhi, May 22 : India's share in world trade has gone up by 0.4 percent since 2004, according to the latest information published in the World Trade Statistics by the World Trade Organisation (WTO).

India's share in total world trade, which includes trade in both merchandise and services sector, has gone up from 1.1 percent in 2004- the initial year of the Foreign Trade Policy (2004-09)- to 1.5 percent in 2006.

Expressing happiness on the growth, Commerce and Industry Minister Kamal Nath said if the current rates of growth continued then India's share may cross the two percent mark in 2009.

"Based on the current rates of growth of merchandise and services trade, it is expected that India's share in world trade covering merchandise plus service sector trade may well double from the level of 2004 to cross two percent mark in 2009," he said.

As far as merchandise trade alone is concerned, India's share in global merchandise trade may increase from 1.2 percent in 2006 to 1.5 percent in 2009.

It may be recalled that India's share in merchandise trade has increased from 0.9 percent in 2004 to 1.2 percent in 2006, thereby crossing one per cent share of world trade. At the same time, India's services trade has recorded an even higher growth performance resulting in an increase in the share in world services trade from two percent in 2004 to 2.7 percent in 2006.

In the Foreign Trade Policy announced by Kamal Nath in August 2004, a medium term horizon for India's export growth was envisaged and as part of this, the share of India's merchandise trade in world trade was targeted to double in 2009.

According to the World Trade Statistics of the WTO in 2006, India's total merchandise trade (export + import) was valued at 294 billion dollars in 2006 and India's services trade inclusive of export and import was 143 billion dollars. Thus, India's global economic engagement in 2006 covering both merchandise and services trade was of the order of 437 billion dollars, up by a record 72 percent from a level of 253 billion dollars in 2004.

ANI

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