Tuesday, May 21, 2024

India’s Big Leap: Smartphone Exports to the US Surge in 2023-24


India’s Smartphone Exports to US Surge in Fiscal Year 2023-24

In a significant leap forward for India’s smartphone industry, exports to the United States have seen a monumental increase in the April-December period of the fiscal year 2023-24. Commerce Ministry data reveals that exports reached USD 3.53 billion, up from USD 998 million in the corresponding period of the previous year, marking a substantial growth in India’s contribution to the global smartphone market.

This growth has resulted in an increase in India’s market share of smartphone exports to the US, rising to 7.76% during the nine months of this fiscal year, up from 2% in the same period last year. The surge in outbound shipments has positioned India as the third-largest smartphone exporter to the United States, trailing only behind China and Vietnam.

An official noted that the uptick in overall production of smartphones within the country has been a crucial factor in boosting exports. The rise is particularly noteworthy against a backdrop of declining shipments from traditional leaders in the sector. During the April to December period of this fiscal year, the US witnessed a decrease in smartphone imports from its top five suppliers, with total imports dropping to USD 45.1 billion from USD 49.1 billion in the previous fiscal year.

Detailed analysis shows that China’s smartphone exports to the US market decreased to USD 35.1 billion from USD 38.26 billion, while Vietnam saw its shipments reduce to USD 5.47 billion from USD 9.36 billion. Meanwhile, South Korea’s exports to the US increased to USD 858 million, and Hong Kong’s exports to the US market saw a slight decrease.

India itself has made remarkable strides in smartphone manufacturing and export, largely attributed to policy initiatives such as the Product Linked Incentives (PLI) scheme and the entry of global tech giant Apple into India’s domestic manufacturing sphere. Such developments have significantly contributed to establishing India as a major hub for smartphone production and export on the global stage.

Indeed, the inclusion of smartphones in India’s export basket since the fiscal year 2022-23, reaching USD 10.95 billion in shipments, signals a robust trajectory. The momentum has continued into the current fiscal year, with exports already touching USD 10.5 billion in the April-December period.

This surge in smartphone exports underscores India’s growing stature in the global electronics manufacturing and export industry, driven by strategic policy support and increasing production capabilities. It not only enhances India’s economic profile but also marks a significant shift in global manufacturing dynamics, illustrating the country’s potential to become a dominant player in the global smartphone market.

Jordan Clark
Jordan Clarkhttps://www.businessorbital.com/
Jordan Clark brings a dynamic and investigative approach to business reporting. Holding a degree in Business Administration and a certification in Data Analysis, Jordan has an eye for detail and a knack for uncovering the stories behind the numbers. His career began in the bustling world of Silicon Valley startups, giving him firsthand experience in tech entrepreneurship and venture capital. Jordan's reports often focus on technology's impact on business, startup culture, and emerging

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