Smartphone exports to US jump to Rs 29,259 cr in Apr-Dec FY24

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.

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An official said that an increase in overall smartphone production has helped in pushing exports.

During the nine-month period 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 $45.1 billion from $49.1 billion in FY’23.

China exported $35.1 billion worth of smartphones to the US market in April-December, down from $38.26 billion last year.

Vietnam’s shipments of phones declined to $5.47 billion in April-December 2023 from $9.36 billion in the same period of the previous year. 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 $858 million from $432 million, while Hong Kong’s sales are down to $112 million from $132 million in April-December 2022-23.

Smartphones started registering their presence in the Indian export basket in 2022-23 when shipments touched $10.95 billion. With the continued momentum, exports have touched $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.