India Sees A Surge In Smartphone Exports As Shipments Surpass $2 Billion In October

The smartphone exports in terms of value in the first seven months of the current fiscal year surpassed $10.6 billion, climbing 37 per cent on a YoY basis from the $7.8 billion clocked a year earlier

The ICEA estimated that if current trends continue, exports could reach anywhere between $18 billion and $20 billion by the end of the current 2024-25 fiscal year (FY25)

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India recorded a surge in its smartphone exports as the outbound shipments crossed the $2 billion mark in October. The smartphone exports in the period reached a peak monthly milestone.

The smartphone exports in terms of value in the first seven months of the current fiscal year surpassed $10.6 billion, climbing 37 per cent on a year-on-year (YoY) basis from the $7.8 billion clocked in the same period a year earlier, reported Business Standard.

Estimates from the Indian Cellular and Electronics Association (ICEA) said that this milestone represents the rising importance of global mobile supply chains in India. The performance of smartphone outbound shipments in October was majorly driven by Apple’s iPhone which jumped 23 per cent from $1.78 billion in May 2024 and a 70 per cent surge in comparison to the $1.2 billion in exports in October 2023.

Going ahead, the exports in the segment are set to grow further in 2024-25, the report noted. The ICEA estimated that if current trends continue, exports could reach anywhere between $18 billion and $20 billion by the end of the current 2024-25 fiscal year (FY25). The association also projected that 35 per cent of the country’s smartphone production by value will be exported in the current financial year.

From the overall smartphone exports in FY24 of $15 billion, Apple and its suppliers accounted for more than $10 billion. Major suppliers included Tata Electronics, Pegatron, and Foxconn which drove this growth primarily. In the current fiscal year so far, Apple has clocked $1 billion on average in iPhone exports each month. 

While Foxconn accounted for a third of exports, Tata Electronics contributed to 20 per cent of the shipments. The estimates noted that Samsung contributed nearly 22 per cent of overall exports. Pegatron also accounted for 8 per cent of the export value.