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Business News/ Economy / India exports smartphones worth $4.67 bn in Apr-Jul FY24, US accounts for one-third of shipments

India exports smartphones worth $4.67 bn in Apr-Jul FY24, US accounts for one-third of shipments

During the first four months of the current fiscal year 2024, export of the smartphones to the US jumped multifold to $1.67 billion against $284.6 million a year ago, the commerce ministry data showed

During April-July 2023-24, smartphone exports soared by 99.52% over April-July 2022-23. Bloomberg

Commerce ministry data showed that India exported smartphones worth $4.67 billion in April-July this fiscal year, of which the United States accounted for one-third of the shipments in value terms.

During April-July 2023-24, smartphone exports soared by 99.52% over April-July 2022-23.

During the first four months of the current fiscal year 2024, export of the smartphones to the United States jumped multifold to $1.67 billion against $284.6 million a year ago, the commerce ministry data showed.

After the Indian government launched the product linked incentives (PLI) scheme and the entry of US-based iPhone maker Apple into domestic manufacturing, India has emerged as a major production hub for mobile phones.

The United States was followed by the United Arab Emirates which accounted for $836.36 million, the Netherlands ($379.3 million), the United Kingdom ($336.27 million), Italy ($245.7 million), and the Czech Republic ($230.25 million).

In fiscal year 2022-23, the overall India's export of smartphones was at $10.95 billion.

Prior to 2022-23, the smartphone exports were non-existent, so the data was not captured.

In April-May this fiscal year, India exported $2.43 billion worth of smartphones, driven by a multifold rise in shipments to the United States.

The smartphone exports to the United States rose multiple times to $812.49 million during the first two months of this fiscal year as against $92.2 million in April-May 2022-23, the commerce ministry data showed.

During April-May 2023-24, smartphone exports soared by 157.82% over April-May 2022-23.

For April-May 2023-24, the United States was followed by the UAE ($484.52 million), the Netherlands ($205 million), the United Kingdom ($151.33 million), Italy ($136.57 million), and the Czech Republic ($115.5 million).

For manufacturing of electronic goods, India imports monolithic integrated circuits from China, Ireland, Hong Kong, Taiwan, and Singapore.

In fiscal year 2022-23, India’s imports of monolithic integrated circuits were at $10.23 billion.

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