Smartphones are the fourth-largest export item from India with 42 per cent growth to $15.6 billion in the fiscal year 2023-24 (FY24), up by one notch in the ranking from the preceding year. While India’s top export items are dominated by petroleum products, smartphones replaced motor gasoline to become the fourth-largest exported commodity in FY24.
According to the data by the Department of Commerce, the spike in smartphone exports was driven by a 158 per cent increase in shipments to the US at $5.6 billion, followed by the United Arab Emirates ($2.6 billion), the Netherlands ($1.2 billion), and the UK ($1.1 billion).
In addition, as per data by the Indian Cellular and Electronics Association (ICEA), the value of mobile devices produced in India for both export and domestic markets in FY24 soared to Rs 4.1 trillion ($49.16 billion), up at least 17 per cent year-on-year (YoY). The ICEA data added that Apple has led the charge in exports, with the value of outbound shipments of mobile devices expected to have crossed Rs 1.2 trillion ($14.39 billion) in FY24, up 33 per cent from Rs 900 billion in FY23. Meanwhile, exports in FY24, accounted for nearly 30 per cent of the total output value, up from 25 per cent in FY23.
