India's smartphone exports to US jump to $3.53 billion in Apr-Dec FY24

With the continued momentum, exports have touched USD 10.5 billion in April-December 2023-24.

India’s smartphone exports to the US jumped to USD 3.53 billion in April-December this fiscal against USD 998 million in the same period last year, according to the Commerce Ministry data.

The increasing outbound shipments led to an increase in the smarphones’ market share to 7.76 per cent during April-December this fiscal from 2 per cent in the same period of last year, the data showed. Increasing exports have made India the third-biggest smartphone exporter to the US. An official said that an increase in overall smartphone production has helped in pushing exports. During the nine months of this fiscal, the share of China and Vietnam declined.

The US smartphone imports from the top five suppliers also declined during April-December to USD 45.1 billion from USD 49.1 billion in FY’23. China exported USD 35.1 billion worth of smartphones to the US market in April-December, down from USD 38.26 billion last year. Vietnam’s shipments of phones declined to USD 5.47 billion in April-December 2023 from USD 9.36 billion in the same period of the previous year. The other two major smartphone exporters to the US are South Korea and Hong Kong.

South Korea’s exports to America during the period under review increased to USD 858 million from USD 432 million, while Hong Kong’s sales are down to USD 112 million from USD 132 million in April-December 2022-23. Smartphones started registering their presence in the Indian export basket in 2022-23 when shipments touched USD 10.95 billion.

With the continued momentum, exports have touched USD 10.5 billion in April-December 2023-24. After the announcement of the Product Linked Incentives (PLI) scheme and the entry of US-based iPhone maker Apple into domestic manufacturing, India is emerging as a major production hub for smartphones.