Phone exports more than double YoY in April-October
As companies like Apple and Samsung increased their export shipments, India’s mobile phone exports soared beyond the US$ 5 billion barrier in just seven months (April-October) of FY23, surpassing India's US$ 2.2 billion total for the same period last year.
If things continue as they are, exports from the second-largest smartphone market in the world will complete FY23 in the US$ 8.5-9 billion area, surpassing the total for FY22 by early December. In FY22, India exported mobile phones worth US$ 5.8 billion.
Due to a slowdown in international markets, mobile phone shipments, which had reached a record US$ 1 billion in September, slightly decreased to about US$ 900 million in October.
Over 90% of India's exports of mobile phones come from Apple and Samsung, supported by the production-linked incentive (PLI) programme. According to officials, Samsung Galaxy A and M series as well as iPhone 12, 13, and 14 are exported from India.
The India Cellular and Electronics Association (ICEA) claims that as exports increase, India's reliance on mobile imports has decreased from a high of 78% in 2014–15 to about 5% in FY22. In FY23, imports are predicted to decrease by about 4%.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.