According to the India Cellular and Electronics Association (ICEA), electronics exports from India to the US increased over two-fold year-on-year to $6.6 billion during January-September 2023. ICEA notes that this is an all-time high electronics export from India, while the share of electronics imported from China into the US market has declined.
As per the latest data by ICEA, India’s electronics exports to the US surged by approximately 253 per cent during the reported period from an estimated $2.6 billion in the same period last year. The figure increased by more than 300 per cent from an estimated $1.3 billion in 2018 to an estimated $4.5 billion in 2022.
Further, the bilateral electronics trade between India and the US has also seen an impressive rise of 84 per cent, with the current estimate standing at $9 billion during January-September 2023 from an estimated $4.9 billion in the same period last year. In August 2023, ICEA launched the Indo-US task force for electronics with an aim to increase the bilateral electronics trade from $8.4 billion in the last fiscal year to an ambitious $100 billion in a decade.
Meanwhile, the share of electronics imports from China into the US has decreased from an estimated 46 per cent in 2018 to an estimated 24 per cent during January-September 2023. In 2018, 25 per cent tariffs on many Chinese goods were imposed by the US.
Vietnam and Taiwan have experienced the most significant rise among exporting countries from 2018 to 2022, as their exports to the US soared 420 per cent and 239 per cent, respectively.
