India's share in global trade increases: WTO report
By India Abroad News Service | Tuesday, 22 May 2007, 07:00 Hrs
New Delhi: India has been able to grab a significant portion of the world trade pie with its booming economy and a billion-plus market, says a report by the World Trade Organisation (WTO). According to the World Trade Statistics report, India's share in the global trade, including trade in merchandise and services sector, has increased from 1.1 percent in 2004 to 1.5 percent 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 the two percent mark in 2009," Commerce and Industry Minister Kamal Nath said in a statement Tuesday. The study also noted that in merchandise trade alone India's share might go up to 1.5 percent in 2009 from the current 1.2 percent. India's total trade in merchandise stood at $294 billion in 2006, while its trade in services was pegged at $143 billion, taking the country's overall trade in merchandise and services up by 72 percent at $437 billion from the $253 billion in 2004.