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India’s smartphone exports to US surge to $3.53 billion in first nine months of FY24: Commerce ministry

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In Short:

India’s smartphone exports to the US increased significantly to $3.53 billion in April-December this fiscal from $998 million last year. This growth has led to India becoming the third-largest smartphone exporter to the US. China and Vietnam’s export shares to the US have decreased during this period. India’s smartphone exports have been boosted by overall increased production and government incentives like the PLI scheme.

In a significant development, India’s smartphone exports to the US surged to $3.53 billion during April-December this fiscal, marking a substantial increase from $998 million recorded in the corresponding period last year as per data from the commerce ministry. This surge in outbound shipments has propelled India’s smartphone market share to 7.76% during this fiscal, up from 2% in the previous year.

India Emerges as Third-Biggest Smartphone Exporter to the US

With this increase, India has now become the third-largest smartphone exporter to the US, with a notable official attributing this growth to the rise in overall smartphone production leading to an uptick in exports. Contrarily, the share of China and Vietnam in the US smartphone market has witnessed a decline during this fiscal.

The US smartphone imports from the top five suppliers also decreased to $45.1 billion in April-December, as compared to $49.1 billion in the previous fiscal year. Notably, China’s smartphone exports to the US market dropped to $35.1 billion from $38.26 billion, and Vietnam’s shipments decreased to $5.47 billion from $9.36 billion during April-December.

Other major players in the US smartphone market include South Korea and Hong Kong. South Korea’s exports to America increased to $858 million from $432 million, while Hong Kong saw a decrease to $112 million from $132 million in the same period.

India’s Smartphone Export Performance

The journey of smartphones in India’s export landscape began in the fiscal year 2022-23, reaching $10.95 billion in shipments. With the consistent growth, smartphone exports have now reached $10.5 billion in April-December 2023-24.

India As a Production Hub for Smartphones

Amidst the adoption of the Product Linked Incentives (PLI) scheme and the presence of US-based tech giant Apple in domestic manufacturing, India is emerging as a vital production center for smartphones, further solidifying its position in the global market.

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