Home / Knowledge / News / Textiles / India's share in world trade touches 1.5 %: says Kamal Nath

India's share in world trade touches 1.5 %: says Kamal Nath

23
May '07
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


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 28th Sep 2021

California 1st US state to require hourly wages for garment workers

Taking historic and decisive action to help keep workers safe on the...

Pic: ADB

Textiles | On 28th Sep 2021

ADB approves $250-mn loan to support Bangladesh’s economic recovery

The Asian Development Bank has approved a $250-million policy-based...

Pic: Shutterstock

Textiles | On 28th Sep 2021

US 2020-21 cotton exports highest in 15 years

Spurred by record global imports, US cotton exports in 2020-21 were...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Biggest learning was adaptability

Florian Heubrandner, Lenzing AG

Florian Heubrandner
Lenzing AG

Cannot see the world breaking away from cotton & polyester

International apparel brands, Head honchos

International apparel brands
Head honchos

Launched first collection at onset of Covid

Rishav Bajoria & Subham Sengupta,

Rishav Bajoria & Subham Sengupta

Launched in October 2020, the Gumti app could not have come at a more...

Kurt Wedgwood,

Kurt Wedgwood

From design to raw material to fabrication and ultimately to delivery -...

Harleen Kaur,

Harleen Kaur

Established in 2017 and headquartered New York, the label Harleen Kaur...

Shaan Sethi, Jaanuu

Shaan Sethi
Jaanuu

Jaanuu, a vertically integrated e-commerce company, has reimagined the...

Wolfgang Plasser, Lenzing AG

Wolfgang Plasser
Lenzing AG

The Lenzing Group is an international company headquartered in Austria...

Seth Casden, Hologenix

Seth Casden
Hologenix

Hologenix is a material sciences company dedicated to developing products...

Vidur Adlakha & Riccardo Bennidini, La Fuori

Vidur Adlakha & Riccardo Bennidini
La Fuori

With an active presence in US, Italy and India, clothing brand La Fuori...

Niti Singhal, Twee In One

Niti Singhal
Twee In One

Best known for convertible clothing, Indian brand Twee In One by designer...

Abhishek Bajaj & Samiksha Bajaj, Samshek

Abhishek Bajaj & Samiksha Bajaj
Samshek

Samshek is a fashion forward tech brand which combines digital experience...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search