According to data released by the Ministry of Commerce and Industry, India’s electronics exports surged 26 per cent year-on-year (YoY) to reach $2.11 billion in April 2023. The growth is largely attributed to the boost of 80 per cent ($1.08 billion) in mobile phone shipping, which constituted 52 per cent of electronics exports. The total electronics exports for the fiscal year 2023 stood at $23.5 billion, of which mobile phone exports were $11.5 billion.
During April 2023, Apple contributed $750 million to the total exports. The company’s exports rose 400 per cent YoY from $150 million last year. However, Samsung saw a decline in exports at $240 million from $399 million last year.
As per the data, the electronics sector registered the second-highest rate of growth among the top 11 of the 30 commodities that exhibited growth in April 2023 from last year. Going forward, the government expects electronics production to reach $300 billion by 2026, which includes exports of $120 billion. 50 per cent of the exports is expected to come from mobile phones.