According to data by the India Cellular and Electronics Association (ICEA), India’s electronics exports grew by a record 22.24 per cent to surpass the $20 billion mark during April-December 2023. The growth was propelled by a surge in smartphone shipments.
As per the data, mobile phone exports reached $10.5 billion during April-December 2023, comprising 52 per cent of total electronics exports. In the fiscal year 2023 (FY23), electronics exports stood at $23.6 billion, of which mobile phones comprised $11.1 billion or 43 per cent. Apple iPhones were the single largest contributor to the surge in both electronics and mobile exports during the year. iPhone exports, which crossed $7 billion in December 2023, constituted 35 per cent of total electronics exports and 70 per cent of the country’s total mobile exports in the nine months ended December 2023.
The data shows that electronics exports grew at the fastest pace among the top 10 categories of exports so far in FY24. ICEA forecasts mobile phone exports to reach $14-15 billion by the end of FY24.
