India's share in world trade has gone up significantly 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% in 2004 i.e, the initial year of the Foreign Trade Policy (2004-09) to 1.5% in 2006.
“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 2% mark in 2009”, Shri Kamal Nath, Minister of Commerce & Industry, has said.
As far as merchandise trade alone is concerned, India's share in global merchandise trade may increase from 1.2% in 2006 to 1.5% in 2009.
It may be recalled that India's share in merchandise trade has increased from 0.9% in 2004 to 1.2% 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 2% in 2004 to 2.7% in 2006.
In the Foreign Trade Policy announced by Shri 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 US $ 294 billion in 2006 and India's services trade inclusive of export and import was US $ 143 billion.
Thus, India's global economic engagement in 2006 covering both merchandise and services trade was of the order of US $ 437 billion, up by a record 72% from a level of US $ 253 billion in 2004.
Press Information Bureau Government of India
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