According to data released by the Ministry of Commerce and Industry, India’s smartphone exports to the US jumped to $3.53 billion during April to December in the fiscal year 2023-24 (FY24) as against $998 million in the same period last year.
The data noted that the increasing outbound shipments led to an increase in the smartphones market share to 7.76 per cent during April to December in FY24 from 2 per cent in the same period of last year. Further, increasing exports have made India the third biggest smartphone exporter to the US.
As per the data, an increase in overall smartphone production has helped in pushing exports. However, during the nine-month period of FY24, the shares of China and Vietnam have declined. In addition, the US smartphone imports from the top five suppliers also declined during April-December to $45.1 billion from $49.1 billion in FY23.
The data further noted that smartphones started registering their presence in the Indian export basket in 2022-23 when shipments touched $10.95 billion. With the continued momentum, exports have touched $10.5 billion during April to December in FY24.
