Business news : Smartphone exports from India to America increased by 254%

Smartphone exports from India to America increased by 253.70 percent to $3.53 billion in the first nine months of the current financial year i.e. April-December period. With this, India has become the third largest smartphone exporter to America after China and Vietnam. However, exports from China and Vietnam have declined during this period. India had sold smartphones worth only $998 million to America in the same period of 2022-23.

According to Commerce Ministry data, India’s share in smartphone exports increased to 7.76 percent during the April-December period of 2023-24. It was two percent in the same period of 2022-23. According to the data, during this period, China’s smartphone exports to America declined from $38.26 billion to $35.1 billion. Exports from Vietnam also fell from $9.36 billion to $5.47 billion.

Manufacturing and PLI increased pace
An official said that India is emerging as a major production center for smartphones. The increase in smartphone manufacturing has led to an increase in exports. Apart from this, the announcement of Production Linked Incentive (PLI) scheme and American company Apple starting iPhone manufacturing in India have also helped in increasing exports.

Decline in exports of top-5 suppliers
Smartphone exports to the US from top-5 suppliers declined to $45.1 billion in the first nine months of the current financial year. In the same period of 2022-23, these countries had exported smartphones worth $49.1 billion to America. The top-5 suppliers include India, China, Vietnam, South Korea and Hong Kong. Exports from South Korea to America declined from $858 million to $432 million. Exports from Hong Kong decreased from 132 million to 112 million dollars.