Apple boost helps India double smartphone exports; shipments hit US$ 11.1 billion
- IBEF
- April 13, 2023
According to data from the India Cellular and Electronics Association (ICEA), India's smartphone exports doubled to US$ 11.1 billion ( Rs 91,000 crore) in FY23 up from US$ 5.48 billion (Rs 45,000 crore) in the previous year, largely due to the Apple juggernaut.
The Union Minister for Communications, Electronics & IT, Mr. Ashwini Vaishnaw said that “With the doubling of exports of smartphones to over US$ 10.97 billion (Rs 90,000 crore), India is well on its way to becoming a leader in the global mobile device market”.
In FY23, Apple exported US$ 5 billion worth of iPhones, accounting for 45% of the Indian smartphone exports, followed by Samsung. Smartphones represented 25% of the rise in merchandise exports. Despite government encouragement, Chinese smartphone companies' exports decreased 26% YoY in FY23, making up just 1.35% of the total exports. Mobile phones made for about half of the overall increase in electronic exports, which increased by 50% to US$ 22.56 billion (Rs. 1.85 trillion).
According to Union Commerce Minister, Mr. Piyush Goyal, the merchandise exports are expected to rise from US$ 422 billion in FY22 to US$ 447 billion in FY23, indicating the growing importance of mobile phones in overall Indian exports.
The Minister of State for IT and Electronics, Mr. Rajeev Chandrasekhar remarked that “Propelled by the PM’s visionary PLI scheme, Apple has increased its exports 400% to US$ 5 billion in FY23, and total smartphone exports have touched a new level for the first time ever".
ICEA national president Mr. Pankaj Mohindroo said that “Exports are a sacrosanct ingredient in a tiger economy. The mobile phone export juggernaut continues - it has now crossed US$ 10.97 billion (Rs 90,000 crore) in FY23 and overall electronics exports have also gone up by 58% to US$ 22.56 billion (Rs. 1,85,000 crore). Industry and the government are strenuously working on replicating this in other verticals”.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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